SPX Soars Onward
As expected yesterday, $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ price action had bullish continuation today, and $5215 is in a better position to be a stronger support.
Fast oscillators (Stochastic and Williams%R) have been invalidated, now it's time to use RSI, which closed today at 69.3, nearing overbought levels.
Price action ideally should take it easy for the bullish continuation, so the Bollinger high is not crossed. In the recent past, sooner or later, crossing the higher band has sent the price to the 20DMA at least.
That said, it's worth noting that 20DMA sits today at $5120.
I have emphasized during all this year that $4600 is not a scenario, my recent expectation for a soft pullback didn't happen, but the trigger for a pullback was losing $5201, as published for everyone (free) in my site last Monday. "$5201 is the level that maintains SPX in bullish mode."
...So everything is moving north comfortably.
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- YueShan·05-17Good⭐️⭐️⭐️LikeReport