SPY - SPDR S&P 500 ETF
Context Technical Analysis
Since early April, SPY has been trading in a range between 275 and 295.
The price is currently at the top of this range, and just below a resistance line.
We will have to wait to see whether price will break above this range or stay within the range.
Momentum has slowed down, so MACD moves horizontally, along its signal line
As SPY is our benchmark, it relative strength is 1
Higher Time Frame
From SPY's weekly chart below, we can see:
· SPY has just moved above its 50-week moving average
· The MACD has just moved above its signal line