SPY - Here's the Daily Chart I Mentioned
Updated
One can easily there's a triangle pattern forming on SPY, it's on the DIA too... but regardless, there's the 200 SMA holding up price and we're neatly tucked between the 20 and 50 SMAs. The daily and weekly stochastics are turning up so price moving back up into the 270 area wouldn't be surprising. It's just what does it do from there. If its a triangle pattern, it could very well be an abcde pattern which this would be like a "d" wave up, followed by an "e" wave down. If this is the case, then again that weekly 50 EMA and the daily 200 SMA will be clear indicators.
Technical analysis doesn't really have to be overly complicated, the SMAs and EMAs are indicative of trends. Bounce off of them, trend continues, fail them and either a larger pullback or a trend change. Invest accordingly. I think the market is presently correctional (and its about damn time) and we'll make higher highs somewhere in 2018 but one candle and closes below significant moving averages can change all that. Watch that weekly 50 and daily 200, they are your friends.
Technical analysis doesn't really have to be overly complicated, the SMAs and EMAs are indicative of trends. Bounce off of them, trend continues, fail them and either a larger pullback or a trend change. Invest accordingly. I think the market is presently correctional (and its about damn time) and we'll make higher highs somewhere in 2018 but one candle and closes below significant moving averages can change all that. Watch that weekly 50 and daily 200, they are your friends.
Note
*easily seeNote
*20 and 50 EMAs
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