S&P 500 ETF- SPY Technical Analysis for the Week
RSI- Appears to be steadily moving up. Just on the verge of over bought but not quite. The slow steady movement like the stock shows me this is a strong move instead of a quick move up into
over bought territory. We are bullish at 68.20. There appear to be no negative divergences telling me of a possible slow down.
MACD- I see no negative divergences. The cross-over has been consistent with the upward movement and this also confirms strength for me. Histogram is consistently positive also. Everything here appears to confirm strength of the movement.
Bollinger Bands- Obviously we can see the trend is up because it is above the middle of the Bands. Consistently above the middle is very strong. The low point just touched the middle band, this also shows strength. I see no reversal patterns either showing, more strength confirmation.
Volume- appears to be consistent. The last 15 days, 8 sell & 7 buy. Not significant, just consistent. Steady volume gives us no sign of a change coming yet.
Overall- The indicators all appear to confirm the strength of an upward trend on this daily chart. There are no technical indications that this will end soon; at least not yet. If you are trading, from a technical stand point, trade bullish and with a nice slow steady movement.
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