SPY Chart 4/27 Return of the Bull?

The SPY Chart today was bullish.  There are a lot of technical reasons why today's chart will continue to indicate more upside.  Now I do want to pull on the reigns a little bit because of the neutrality of today's price action.  We have a had good run for 5 days straight.  When runs like this occur and you see a neutral candlestick it can mean that the SPY is ready to take a breather.

The key for the SPY is that it continue to maintain support at the break out of Thursday around the open at $139 that would show that traders and the market are still bullish on this trend, and why not it has been hitting a perfect trend line since October.  Since it did break the trend line temporarily it was very important that it reclaim that line.  If it hadn't that trend line would then become resistance and the SPY would have dropped.


But that didn't happen.  As far as the news and economic reports.  There is continued strength in earnings AMZN came in with good numbers today and gaped up 16%.  Earnings will continue to be a motivating for the markets to climb.

Economy is still climbing but slowing and Europe will continue to be a drag.  If we still find resistance above $140 that becomes difficult to break and we continue to see consolidating or channeling price action general means that SPY would still be set to drift lower.

If we can break out at $141 on good price action I would be prepared for another leg up on the SPY Chart.