Bullish Uptrend For S&P 500 (SPY) Going Strong

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October 4, 2017 6:14am NYSE:SPY

From Corey Rosenbloom: Though it may feel weird, the market just simply keeps plowing higher in a triple timeframe bullish uptrend.

Here’s today’s update as price pushes further away from the rising 20 day EMA:

SPX Rally

We know that “trends, once established, have greater odds of continuing than of reversing.”

We also know that the S&P 500 (“the market”) shows a bullish rising trend on the Monthly, Weekly, and Daily Chart thus creating a “triple timeframe bullish alignment.”

It should not be surprising that price continues to maintain its upward pathway which is contained roughly within a rising parallel trendline channel.

We look to moving averages – such as the 20 and 50 day EMAs – to give us points to buy shares on pullbacks or aggressively “fade” overbought and over-extended swings in price far away from these levels.

We had our most recent buy signal on the sudden pullback to the rising 20 day EMA on September 25th and that’s all the market gave us.

From there, buyers surged the market higher now six (if today closes positive) days in a row.

Do note the location of price into the upper Bollinger Band® and at the upper level of the rising parallel trendline pattern which makes us cautious and expecting another likely pullback away from the highs and back toward the rising 20 day EMA.

That’s your plan but don’t execute it until price actually breaks intraday support and starts heading down toward this target.

The SPDR S&P 500 ETF Trust (SPY) fell $0.09 (-0.04%) in premarket trading Wednesday. Year-to-date, SPY has gained 14.17%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 123 ETFs in the Large Cap Blend ETFs category.

This article is brought to you courtesy of AfraidToTrade.com.

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