Consolidation with bias to the upside

The daily $SPY chart below shows that price action is bouncing off the Giant Wall 1 but still below the resilient Giant Wall 2.

SPY_Daily

The weekly chart below shows that a solid uptrend is still intact.  I like the fact that we have a green weekly bar in mid-week.  If this is a red bar with price below the GW1, I would be worry; however, current green bar provides positive bias to the upside.  My bet is that by end of week, $SPY will attempt to breach GW2 once again.

SPY_weekly

My 2 cents.



Categories: SPY

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