SPY weekly - early stage of breaking out - 12/05/2015

As of close of last Friday, price is above both resistance lines (red and blue) but barely. RSI initially dipped but now recaptured the breakout. These are all bullish sign. At least for short term.

A 2 more percent gain from current level will take it to new all time high. I will be more bullish if that happens, if ever.

As a cautious sign: 10 WMA is still below 40 WMA . 40 WMA is still pointing downward. Meaning this can still be a counter-trend rally and can still failure.
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