SPY bullish on weekly chart

16 May 2023

SPY has been staying for too long at the level of the red line on the weekly chart (and slightly went over it) and didn't bounce down from it. On the other hand, the green line seems to provide a better support. Therefore, I expect SPY to break through on the upside.

18 May 2023

Not

SPY did go up, at this time it's 415.86 (it was 411.50 when I posted this idea). I didn't buy SPY but I bought BULZ on 5/16 and just closed it with over 10% profit. At this time the market could go either way, there are bearish signs as well so I'll wait to see a clear direction.

23 May 2023

Not

SPY starts to look more bearish, in my assessment. It is now 417.92