The SPY Has Rallied From $252.92

The SPY has rallied from $252.92 back to the 50-SMA where it will decide who takes control, the Bulls or the Bears and maybe even both with a sideways move. The market on a weekly chart SPY, DIA, QQQ’s, IWM it is still in a bullish trend. Switch to a daily chart, and we see the struggle. The daily chart is in the Blue Ice Failure trap and needs the buyers to come to this party, or a retest of the recent test is in the cards. If the buyers show up, then we will see constructive consolidation and a bull move.

A little of the recent fear has dried up causing the VXX to pull back to the 200-SMA. The close yesterday was also at prior support, be sure there are plenty of traders watching ready to jump in if the fear starts to heat up again.

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• Recently closed – VIPS 118%  • VXX 375% • TWTR 180% • QQQ 179% • QQQ 28%
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