About meJust a guy who likes charts, wants to understand the market better, and believes that we can be more certain of what is true if we are willing to share ideas, listen to thoughtful critique, and correct our mistakes.
Good: New high!
Bad: RSI entering overbought; most sectors seem to be topping out as well. VIX may have bottomed. VVIX on rise. Past says this will push SPY back down to bottom of blue upward channel.
Expectations: 300 and then 293, filling the gap up in October. That would require breaking through the 50d SMA so maybe it'll just hold there. Still...
SPY needs to break upward resistance formed by prior tops for me to be convinced it's ready to make a sustained rally higher; although I do think this is coming soon and before a recession and/or credit crisis drives the market down.
Good: 2012 monthly upward channel in tact. Upward pressure building in weekly chart for breakout to higher RSI and upper part of channel if the trade truce happens, which is likely.
Neutral: If no break out above $80 resistance then range bound building pressure to break in direction of trade truce.
Bad: Is it too late for the global economy or can all the...