mduck

SPY last breath to go?

AMEX:SPY   SPDR S&P 500 ETF
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.