05/25/2024 Weekend Update

[Cobra]

Up 5 weeks in a row, the next week has 41% chances to close up, 72% chances to make a higher high.

So more up but the week may not close up eventually.

[tsf]

Thank you, Cobra.
Guidance from Cobra's weekend update stats has been quite reliable.

[JFR]

SPY daily.

The high of March 28, 525, has been exceeded.

Now in a range, with 525 at the bottom of that range.

The strong move up started with a hammer on May 2.

Key time. The bulls are trying to do some heavy lifting.

But the bears are tugging the other way.

The EMAs 20 50 and 100 are all up, and in the correct order.

Volume is light at this top.

The Sto has topped out, and is turning down.

The MACD has also topped out, and is turning down. Its histogram is sliding down also.

SPY will eventually break out, up or down are both possible.

My bias is up, but I am mostly out of the market, in cash, at this time.

Have a good long weekend.

Thank you, Cobra, for your steady hand on the tiller.