Are we witnessing a perfect oscillation here?
SPY 65-MIN CHART
Oscillators are meant to oscillate back and forth from the top of its band to the bottom of its band.
I pay attention when my oscillator starts to make higher lows (see arrows), because it could mean we are finding traction/momentum. Today, after last few hours of move, we are witnessing the oscillator not only finding support at the “OSCILLATOR SUPPORT” but also crossing back up (“BULLISH CROSS”)—this is just happening now!
Check out that “SHORT-TERM MA” has not been breached since when it was first reclaimed by the bulls back in 27th of May. So what may be the outcome going forward?
I think, if the bulls can protect the up-gap from this morning, we could get to the ATH level and beyond.
*Check out my daily-oscillator post, it also has been crossing back up this week!
