Last week on the daily chart the SPY broke through the 50-SMA and the following day price action produced bullish follow-through. As of Friday we have had an 11-day bullish T-Line Run showing the strength and determination of the bulls. Both the Dotted Duece and 200-SMA are just above for the bulls to take.
The weekly Candleless chart the 3-EMA is just now coming up to meet the T-Line (8-EMA), and both the 34-EMA and 50-SMA are still in bear territory. Over the years of trading, I have learned to respect the T-Line trend and how price action and other moving averages act around it. The daily chart has cut through the first layer of the resistance skin and is suggesting a good bullish trend working its way back up through the 50SMA while price moves up and down as it should. The week chart 3-EMA still lags below the T-Line. (Cautiously Bullish)
VIX--X Chart – 15-candles below the T-Line, Doji close Friday on the 200-SMA. The T2122 chart closed Friday at 99.27
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