SPY weekly - week starts with a gap up and then drops almost a whole week, but on Friday buyers came in and buy SPY out and the week finished strong closing above 8 and 20 weeks MA which is bullish.
Increased weekly volume confirmed price action.
RSI is neutral.
MACD histogram tick had slower fall so could indicate further move-up. Both the MACD line and signal line are moving towards the zero line.
Overall: SPY has room to go up further. No real resistance till the falling blue line at the 394 area which could act as strong resistance for sure. With a closed week above this week's high could be indicated we are in a bull pullback and we could move forward up. However, on Wednesday CPI report will move the market and very likely show us where few next weeks will be.
Increased weekly volume confirmed price action.
RSI is neutral.
MACD histogram tick had slower fall so could indicate further move-up. Both the MACD line and signal line are moving towards the zero line.
Overall: SPY has room to go up further. No real resistance till the falling blue line at the 394 area which could act as strong resistance for sure. With a closed week above this week's high could be indicated we are in a bull pullback and we could move forward up. However, on Wednesday CPI report will move the market and very likely show us where few next weeks will be.
Consistency is the key of success....