Market Overview
The SPY is sitting on its 5th consecutive close above the 21 EMA and the trend is in good shape. Price is at 774.79, the 8 EMA is at 772.62, and the full stack is ordered bullishly with the 50 day at 765.53 and the 200 day well below at 719.17. VIX at 15.3 keeps the environment calm. We got a strong push early this week through 779 and today is a mild pullback, holding right at the 8 EMA intraday. As long as we stay above that level, this is just digestion in an uptrend. We have the 30 year UST auction at 1 pm - fingers crossed that doesn’t tail and destroy my optimism. Oil and global bonds are still a big worry here.
