I’m up late so why not peek in on SPY. Today was a good day, daily chart shows SPY maintaining position over the 5 and 10ma for the past week with 5ma clear support and 20ma (middle bollinger band) clear resistnace. Today SPY opened and closed above that line, which is awesome. MACD pinched a few days ago and has lots of room to run up. Fibonacci lines show 275.54 resistance here, important 50% line. Futures jumping overnight but any reaction is likely an overreaction, events like this get priced in way ahead of time. The overnight move was not near the expected move. 10ma finally curling upwards. Ladies and gentlemen we are finally officially starting an uptrend agian!
I bought back some UPRO today, November and December should be green months. The weekly chart shows some consolidation is still needed to start moving things up. But SPY finally closed over the weekly 5ma at 272.91, we need to see it cross the middle bollinger band at 281.53 in the next couple weeks to turn the 5ma up. Going to at least be 2 weeks before we see that happen unless some major catalyst comes into play. Could very easily pare all these gains
Remember, FOMC meeting tomorrow. I don’t have any clue when or what they’ll annouce tomorrow, a press conference comes later. But no doubt an interest rate hike will be in effect. Remember this too is priced in already so any movemennt we can play the bounce.
