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SPY Holding Above All Trend Lines

Published 09/24/2017, 12:39 AM
Updated 07/09/2023, 06:31 AM

"Focus on the journey, not the destination. Joy is found not in finishing an activity but in doing it." —Greg Anderson

More quiet action for the most part.

Apple Inc (NASDAQ:AAPL) has been weighing down the Nasdaq a bit and had a gap fill and bottom bar Friday so if it does play out and move higher that should help the Nasdaq take a leading role, which would be great.

I also noticed a failed breakdown in ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) so we may get some solid moves in that space as well in the not too distant future.

SPY Daily Chart

SPDR S&P 500 (NYSE:SPY) is holding above all trend-lines and from what I see, just bidding its time before moving higher.

Continued slow action is fine for now but we do need to see a new high late in the week to come or the risk of seeing a correction increases.

Markets and stocks should make new highs every 12 or 13 days in a healthy market.

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