SPY hasn't touched its weekly ema20 for 49 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:
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.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.