My youngest son asked me today if he should buy more SPY.
I told him yes even though price is way above support. Primary support is the lower upwards sloping white trend line. Risk is price closing below this rising primary support zone which is currently about 15%. This is a pure momentum trade.
S&P500 Index ETF (SPY) daily
I bought more QQQ last week for the same reason. Same with IWM recently.
These trades are a tad outside of my comfort zone but the fat lady is still singing so I’m going to keep dancing.
This update is not to recommend buying SPY, QQQ or IWM. This update is more about how bullish price action is. Market breadth is expanding, interest rates are low, earnings are growing, Moore’s Law is moving at light speed and the whole world is participating.
Giddy up buttercup.
Trade Smart,
Don