Right now, spy seems like on its wave 4th. The weekly trend line has not been broken yet. A good signal is SPY across the 100 EMA and stands right at the 200 EMA. However, charts usually jumps up and down between average lines before they waterfall. Another weak signal shows us that MACD is now functioning below 0 line. To me, I don't expect SPY go any higher...
Spy has closed below open for consecutive two days, which is a week sign obviously. Also, spy is under 30MA and 50MA. Three gaps down below, who goes first?
positive signal: (1) So far, it wins 50ema battle (2) Macd still has plenty of room to go higher negative signal: (1) under previous main trend line projecting signal: (1) could be on its way to D, which is a five wave correction To speak personally, I stay positive on this one, area between 0.382 and 0.5 should be a main course
right on ema 30 and solid uptrend, but still lack of momentum to rocket up
after a couple days waterfall, we see some positive signs today, especially 30mins before market close, plenty of buying power show up.