nmike

SPY weekly update

Long
BATS:SPY   SPDR S&P 500 ETF TRUST
This week SPY temporarily fell below trend line but managed to close above it.The CCI (50) is still above +100 and EFI well above mid point. The EFI (21) and CCI (50) above/below mid point have been a good indication of both long term and short term trend shift on weekly frame. I have shown on this chart how you can use CCI & EFI to spot bottoms.When you have extreme readings in both CCI and EFI with significant divergence more often then not it's an indication of a bottom or top.

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