SPY Holds It’s Bullish Trend

The SPY holds its bullish trend from it’s December low, and the tug-a-war between the buyers and sellers is hot and heavy. Yesterday’s price action did fail to show strong follow-through after the Morningstar Signal and did not close above its 50-SMA. But price remains in a T-Line trend and above the $256.40 support line. Readers of this blog should know we have had a concern about the resistance starting about $258.00. While price is currently battling resistance; price is also managing the trend. Overall we will remain cautiously bullish above $256.40, and below $256.40 we would watch for a test of the $250.30 area.

VIX--X Chart – Yesterday’s Bullish Engulf following a Doji closing in on the 200-SMA is a clue to be a little cautious as the sellers may try to put together an attack to regain the T-Line. Also, note the TC2000 / T2122 chart is pegged at 97.46. Stay sharp and respect the charts.

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