09/30/2017 Weekend Update
Posted: Fri Sep 29, 2017 4:15 pm
SPY hasn't touched its weekly ema20 for 46 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.