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 then 208(could be a dead end). Also, I will go completely bearish if the weekly trend line broke and charts stayed under EMAs. For now, we still can make some money in this choppy market though.
To me, I don't expect SPY go any higher then 208(could be a dead end). Also, I will go completely bearish if the weekly trend line broke and charts stayed under EMAs. For now, we still can make some money in this choppy market though.