The daily chart for SPY shows that yesterday's red candlestick and today's white candlestick completed a piercing pattern. In a piercing pattern a white candlestick follows a red candlestick both of them having relatively large bodies. It's a short term bullish reversal pattern. Today's white candlestick opened below yesterday's close and closed above the midpoint of yesterday's red candlestick. That's what makes these two candles a piercing pattern. Also notice that today's white candle found support on the 50-day SMA. As I mentioned this could be only a short term bullish reversal.
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It's interesting to see how quickly SPY moved down close to the 200 SMA (on the 2-hour chart). In the meantime Aroon Down moved up to 100%. The question is, will Aroon Down stay there or not.
The chart below is a 2-hour chart for SPY. It appears that a falling wedge is forming which is a bullish continuation pattern. The 80 period Aroon osciallator below the chart shows the uptrend with two previous pullbacks since February.
The chart below shows SPYwith the 64 period (which is about 3 months in trading days) Williams %R oscillator below the chart. When Williams %R is greater than -50, it's bullish. Currently the 64 period Williams %R is -29.11.
It looks like a bear flag bearish continuation pattern is forming on the 60 minute chart below. The chart is showing SPY with the Aroon indicator below the chart. The Aroon indicator is telling us if the stock is trending or not and how strong is the trend. The moving averages and the pivot points are helping us to determine the next support.
As you can see on the chart below the Bollinger Band expanded today with increased selling pressure. This is a 15-minute chart. The Bollinger Band Width below the chart shows increased volatility. Trading volume was well above average too (not shown on chart).
$SPXA200R - Percent of S&P 500 Stocks Above Their 200 Day Moving Average Reaches New Highs5/11/2013 The 14 period RSI on the monthly chart is above 70 in overbought territory. Last time this happened in 2006.
The weekly chart below shows SPY with PPO, which is similar to MACD and StochRSI oscillators. PPO is quite high and although SPY reached higher highs StochRSI didn't reach higher highs. Also notice that SPY already reached the yearly R2 pivot resistance. So what are the chances that it will move higher?
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