SPY looking healthy in the short term
BULLISH
- A positive MACD crossover on the daily chart confirms SPY is moving in a positive uptrend. The last time we saw this type of behaviour we went on to test the top bollinger band on the daily chart
- 5 EMA acts as support on the daily chart, any dip around the $296 level should be a good buy in the short term
BEARISH
- A double top can be observed on the MACD through the hourly chart
- On the hourly chart we see the 70 level RSI acting as resistance
- MACD on the weekly chart has yet to make a bullish crossver
Hourly Chart
Daily Chart
Weekly Chart