General rule is pretty simple in a raging bull market like we are in today.
- Price stays above “Rising 20EMA (setting on high),” minor-term sentiment is bullish
- Price stays above “Rising 50EMA (setting on low),” intermediate-term sentiment is bullish
- Only respect the price, and only let the price guide you
- Ignore all news that reflects stock market
- Stop listening to the lunatics who have been calling for the “crash” since Feb 2016
- In 2013 – 2015, every pullback to “Rising 20EMA” gave you buy-the-dip opportunity
- Late March was a great level to buy-the-dip as it retested “Rising 20EMA,” and I did exactly that (article)
- Once it fails “Rising 20EMA,” next logical support always has been “Rising 50EMA”
- November 2016 was a great level to buy-the-dip as it retested “Rising 50EMA,” and I did exactly that (article)
- Long-term uptrend is strong, healthy and is valid; I wouldn’t fight it
My targeting analysis is pointing me to 247 & 250 as my next intermediate-term targets on SPY.
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