11/04/2017 Weekend Update
Posted: Fri Nov 03, 2017 4:40 pm
SPY hasn't touched its weekly ema20 for 51 weeks, this is a new record. the previous record was 47 weeks. I think it has good chances to make another new record the next week.
It tells me 2 things:
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.