S&P 500 On The Verge Of Another Bullish Breakout (SPY)

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May 17, 2018 6:25am NYSE:SPY

From Chris Kimble: The four-pack of charts below highlights that key stock indices remain in long-term upward trends and price action over this year has not changed the long-term trends.

Each index remains inside of channels that have been in place ranging from 9-years for the Nasdaq to 30-years for the Dow and S&P 500.

Each hit the underside of these long-term rising channels back in January and since then have been very choppy with little net progress, just under the top of the rising channels.

What could put an end to the choppy action? Breakouts of long-term rising channels!

What do bulls not want to see? Selling pressure starting at the top of rising channels.

The SPDR S&P 500 ETF Trust (SPY) fell $0.33 (-0.12%) in premarket trading Thursday. Year-to-date, SPY has gained 2.02%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 146 ETFs in the Large Cap Blend ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

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