Just got back from a lovely holiday where I had zero access to my charts. Its was a much needed break tbh.
Spy has broked above that stubborn trendline with strenght (note the volume bars) that has acted as resistance all of 2022. This is pretty significant imo, yet not surprising. If you look at the circled area you can see spy pulled back here and built a base to gather strenght for this move. The next hurdle before moving higher is that redline at 410. After that we've got a nice little gap from Aug 19 at 421.22 that will act as a magnet. I will be watching for the 20ma to cross the 50 ma within the next week to see if this little bull run has more to go. RSI is not showing any signs of weakening momentum.
**As much as I love TA I also watch behavior and have noticed for the past 2-3 months the behavior has changed. We have gone from a 'sell the rip' market to a 'buy the dip' market. I don't know how long it will last, no one does, but it's important to be nimble and treat any loss of that black trendline as a warning sign. Thank you for reading and let me know your thoughts. Cheers all.
Spy has broked above that stubborn trendline with strenght (note the volume bars) that has acted as resistance all of 2022. This is pretty significant imo, yet not surprising. If you look at the circled area you can see spy pulled back here and built a base to gather strenght for this move. The next hurdle before moving higher is that redline at 410. After that we've got a nice little gap from Aug 19 at 421.22 that will act as a magnet. I will be watching for the 20ma to cross the 50 ma within the next week to see if this little bull run has more to go. RSI is not showing any signs of weakening momentum.
**As much as I love TA I also watch behavior and have noticed for the past 2-3 months the behavior has changed. We have gone from a 'sell the rip' market to a 'buy the dip' market. I don't know how long it will last, no one does, but it's important to be nimble and treat any loss of that black trendline as a warning sign. Thank you for reading and let me know your thoughts. Cheers all.