SPDR Trust (SPY) Chart - December 14, 2007
I haven’t charted the S&P 500 in a while, but instead of just charting the $INX this time I decided to chart its biggest ETF, the SPDR Trust, aka SPY. At a quick glance you can see that my neutral sentiment rating I wrote about on Thursday has a chart to back it.
The longer trading channel I’ve drawn is clearly aiming south east, but I also drew two potential upward trending support lines that are not too far off. I can easily see a sideways period of SPY for a few weeks at least. I see a couple of bullish indicators on this chart. The first one that jumped out was the bullish crossover I circled in red of the 10 day moving average moving above the 20 day. That day confirmed a good run was still in the works for SPY. The 10 and 50 day moving averages might only be a […]
Original post by Alex Fotopoulos