SPY has had a strong support line since the start of the year and it is currently being tested again. Because of the strength of this line I would say right now is a good time to go long.
The green line on the RSI shows that when it dipped below this level a period of adjustment occurred before resuming the prior uptrend.
A few things do concern me slightly.
1. The 8 day EMA crossed below the 50 day which hasn't happened in a very long time.
2. Both the MACD and RSI have bearish divergence which I portrayed as the red dashed line.
HAPPY TRADING!!!
The green line on the RSI shows that when it dipped below this level a period of adjustment occurred before resuming the prior uptrend.
A few things do concern me slightly.
1. The 8 day EMA crossed below the 50 day which hasn't happened in a very long time.
2. Both the MACD and RSI have bearish divergence which I portrayed as the red dashed line.
HAPPY TRADING!!!