SPY goes 10 for 10
With Thursday’s advance, the S&P 500 ETF (SPY) is now up 10 of the last 10 days and 19 of the last 24. This is an amazing string of advances. In fact, I would say it is starting to look like a melt-up, which is the opposite of a selling climax. With the close at 115.45, SPY has officially broken its January high and joins the elite club. The Dow Industrials, S&P 100 and NY Composite remain the three holdouts among the major indices. There is really no change on the chart. The trend up is up, strong and overbought. Yes, it can be all three. The blue dotted trendline defines the current upswing with last Thursday’s gap now marking upswing support around 112.5. RSI moved above 70 for the first time since September 2009. This overbought reading did not mark a major top, but it did foreshadow a rather sharp pullback.
Charts of interest: AMAT, BBBY, LLTC, MHCP
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