The SPYs weekly chart is still very bullish. The MACD and RSI are still rising. The 10 and 20 week EMAs are increasing. The 10 week EMA has crossed over the 50 week EMA and the 20 is approaching that level. Finally, prices are above all the EMAs which will help to pull the EMAs higher.
The daily chart is also showing bullish tendencies. First the price/EMA relationship is bullish. Prices are above the EMAs, all the EMAs are moving higher and the shorter EMAs are above the longer EMAs. In addition, the MACD is about to give a buy signal and prices have recently moved through key upside risistance levels.
Also consider the following personal observation. Over the last few months there have been two times when the technicals lined up for a bearish move. Both moves failed. That does not mean my analysis was perfect by any stretch of the imagination. But I also wasn't the only one making the call or seeing things that was. The point is this is a market that wants to move higher. And it is on a regular basis. That is extraordinary.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.