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SPY is going higher

In the second half of June SPY had a correction that sent price below its ema50 and just on the lower Bollinger Band.

The two big bullish candlesticks on the lower Bollinger Band – see circle - showed, however, that the bulls were strong enough to prevent SPY from going lower than that.

Then the last three bullish candlesticks sent SPY right through ema50, ema10 and finally ema20.

This was followed by the cross of MACD above its signal line and the return of MACD Histogram to positive territory – see circle.

At the same time, RSI is trending up above 50, to just below 63.

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