It is as clear as daylight, that the SPY is very bullish.
The weekly chart closed the week at the very top of the candle, and more importantly above the 55EMA (about the same as the 200 daily SMA), clocking in a new recent higher high. Technical indicators appear to be supportive with MACD crossing over into bull territory.
The daily chart shows the mid- to late-week breakout and also Friday's decoupling of the meeting lines candlestick formation with a bullish almost marubozu type of candlestick; almost as if this is a new uptick trend. The RPM is crossing over as the MACD pushes further up.
Clearly bullish... at least for now. 417.62 now becomes a critical support.
The weekly chart closed the week at the very top of the candle, and more importantly above the 55EMA (about the same as the 200 daily SMA), clocking in a new recent higher high. Technical indicators appear to be supportive with MACD crossing over into bull territory.
The daily chart shows the mid- to late-week breakout and also Friday's decoupling of the meeting lines candlestick formation with a bullish almost marubozu type of candlestick; almost as if this is a new uptick trend. The RPM is crossing over as the MACD pushes further up.
Clearly bullish... at least for now. 417.62 now becomes a critical support.
