SPY daily.
How many indicators do we need?
There are 10 on this chart, if I double count the MACD and its Histogram, which I do.
There are others I use and believe in, mostly on NinjaTrader: Slope. Squeeze, Trendlines, Pivots, Support and Resistance, Open-Close-High-Low lines. Elder Impulse.
They all work, in different ways. Turns. Momentum. Fades. Targets. Trends. Impulse. Pullbacks. Et cetera.
Some traders like a lean, clean chart. I vary it a bit for myself. But I have seen guys with so much clutter, it just looks like a mess on the chart. We get first rate stuff on this website.
I am still working through migrating from NinjaTrader 7 to 8. Lots of fun. Not. Ha ha.
On the chart ...
Sto and MACD have topped out, not useful to me at this time, aside from watching for the pullback or turn down. Histogram is not doing much, barely in the positive zone, upwards.
Volume is good, above average.
EMAs 20, 50 and 100 all up, and in the correct order. These are key for trend, which for me is bullish.
Bollinger is up, and pushing the outside of the envelope, very bullish.
The candlesticks show some strong bulls, a good bounce after the pullback, and a breakout. And two clear touches down to the EMA 20 since November. The pullback on January 31 almost reached the EMA 20.
The Volume by Price shows S and R levels.
For this trader my bias is with the bulls. On a day trade basis.
I have not done my weekend homework yet, looking for swing trades on stocks and ETFs, which, if any, would be long. More likely just being ready for day trades on the usual suspects.
Thanks to Cobra, the posters, and the readers. Great website.
Have a good weekend.
Charts posted are not recommendations. They are just a sharing of information.