Thanks to Friday big UP day, it turns the overall outlook of the daily to monthly SPY charts to a more positive upward bias. From the look of it, Friday price action could really change the flow of the charts significantly. IF it was a big down day, the daily to monthly SPY charts would be more negative bias and would show a weakened bull.
From the daily SPY chart below, you could see that Friday daily bar closed above the Andrew Pitch-fork median line (offset by 50% to line up beautifully to the pivot high and low). This look positive for the bull thesis since the low of last Thursday now potentially become a pivot low for the next possible run to where I placed my “X”.
Below is the weekly SPY chart. You can see that the low of the last week bar is still a higher low compared to 2 weeks ago. Furthermore, last week low is also higher than the lower parallel median line. A long bottom tail of last week candlestick bar also mean a more bullish stance. Notice the trend line (the thick green line) is still sloping up.
Below monthly SPY chart could not be more positive bias; we have a guaranteed higher high that break the lower high pattern of the last 2 bars/months. While the month is not over yet, current month higher low can be maintained if price actions do not fall apart from here.
Overall, economic news aside, the daily to monthly SPY charts look positively bullish all because of Friday BIG ASS up bar!
If price actions continues upward from here, I will continue to add to my equity position and hold less cash.
Good Hunting!
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