09/23/2017 Weekend Update
Posted: Fri Sep 22, 2017 4:24 pm
SPY hasn't touched its weekly ema20 for 45 weeks (2nd record since the year 1996. The champion was 47 weeks). It tells me 2 things:
Usually after a long time no touch, the very first touch would be bought as people finally can buy at 20 week average price. So bulls should have no worry for now.
No one can have no touch of moving average forever, so SPY should owe us a pullback.
Usually after a long time no touch, the very first touch would be bought as people finally can buy at 20 week average price. So bulls should have no worry for now.
No one can have no touch of moving average forever, so SPY should owe us a pullback.