14
Apr

Still Sideways After All These Weeks $SPY

As a quick reminder, I will be leaving town tomorrow and will not be putting on a BTFD.tv show on Thursday but will be back next week ready to chat charts.

Indices are continuing to move in a range with choppy sideways action that neither makes new lows or new highs. This is providing a stock picker's market as some strong moves can be had while others fizzle out. Most in my port are holding up well but two tickers need to shore up or get kicked to the curb. TWTR is losing some ground and needs to recapture the breakout level/8 ema to remain bullish and CELG is looking like it is being rejected by multiple bunched MAs.

SPY is getting its getting its groove on today after testing the multitude of moving averages just below including the 8 ema and the 50 sma. But I note that it is still in a clear range that looks like a bullish descending wedge. This lack of drama is continuing to let the bottom fall out of volatility which is helping my XIV position. Here is that SPY chart. 

spy414

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