We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of SPDR ETf S&P 500. (SPY)
I hope you are having a GREAT day !
The SPY came down and tested support and has turned back up which is bullish action.
MarketClub is on a weekly green Trade Triangle and if the SPY continues higher from here the daily Trade Triangle will turn green.
If the daily Trade Triangle does turn green then odds would be with higher prices.
The MACD is on a sell signal but that probably just happened because of the counter trend test of support.
If the SPY moves higher from here, the MACD will go back on a buy signal and that would be bullish.
Always remember the picture can change at any time, and we have to be able to change our opinion on a dime, but as of right now it looks like higher prices are ahead for the SPY.
Please leave a comment, or your opinion on this write up, or your opinion on the current market in general.