Skipper86

Concerns about over extension are going away

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
The 200 day MA is curling up as fewer and fewer price data points are below it as the Covid crash gets put further behind us with the passage of time. Over extension was a concern in 2020 but with the moving average curling up to a slope greater than price is rising and with over extension leveling off, it is no longer an immediate concern.

Comments

i dont think so...
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Skipper86 Tomasgei
@Tomasgei, apples and oranges
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Tomasgei Skipper86
@Skipper86, why you think so?
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Skipper86 Tomasgei
@Tomasgei, My chart is focused on over-extension of SPY relative to the 200-day moving average and yours is focused on SPY relative to a utilities etf.
+1 Reply
Tomasgei Skipper86
@Skipper86, you are bullish based just MA slope? Its very lagging indicator...
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Skipper86 Tomasgei
@Tomasgei, to answer your question, no
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Tomasgei Skipper86
@Skipper86, yes iam sorry i wrote it misleading... i mean you have a bullish outlook because your title is: Concerns about over extension are going away..but it doesnt mean there isnt any other factors why there is high probability of some level of major correction...
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Skipper86 Tomasgei
@Tomasgei, no worries and of course there are other factors and angles to consider, some are bearish, some are bullish, this one happens to be bullish.
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You're clearly on to something.
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Awesome, I'm learning a lot
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