First off -- congratulations to Canada's Hockey team for their gold medal -- and thanks to both teams for one of the most exciting hockey games I've see in some time. It was one of those games where you don't want anyone to win, only so it will continue for as long as possible.
Are the SPYs moving into an A/B/C (up/down/up) pattern? Let's take a look.
A.) Prices rose from their early February lows.
B.) Prices consolidated in a downward sloping pennant pattern.
C.) Notice the EMA picture: The 10 day EMA has moved through the 50 day EMA and the 20 is about to do so. The 10 and 20 day EMAs are moving higher as is the 50 and prices are above the EMAs
Let's see if the transports are confirming the possible uptrend.
A.) Prices continue to move higher. Last week they corrected sideways rather than lower.
B.) The EMA picture is bullish: All the EMAs are moving higher, the shorter EMAs are above longer EMAs and prices are above all the EMAs.