If the current leg maintains its strength the $SPY will be heading to 1900 points in the next few weeks, and probably will be touching the upper trend channel at 1925. . Currently StochRSI is above 30% heading from Oversold to Overbought level, meanwhile the MACD Histogram is about to cross the Zero Line to the positive side, which are bullish signs.
What is going to happen next? After touching the upper channel resistance line it is very likely it will form a pivot point when the stochastic will have reached the Overbought level and MACD will be decreasing to cross down the signal line, It will go back to retest its 1850 support level. 1900+ and 1850 are key pivots.
I wouldn't go all the way in a long position, until the market confirms what it is going to do after retesting the Resistance level. My Neutral position is actually a cautious position.
What is going to happen next? After touching the upper channel resistance line it is very likely it will form a pivot point when the stochastic will have reached the Overbought level and MACD will be decreasing to cross down the signal line, It will go back to retest its 1850 support level. 1900+ and 1850 are key pivots.
I wouldn't go all the way in a long position, until the market confirms what it is going to do after retesting the Resistance level. My Neutral position is actually a cautious position.
