I was looking at the SPY weekly chart today and thought it warranted some thoughts. The blue line is the 20 week MA, on the three attempts before this rally, it failed to cross the 20 MA, after coming very close to it and dropping. The recent rally actually closed above it two weeks ago, but has been unable to continue to rally above it. Today's close actually placed the weekly under the 20 MA, so it will be interesting to see if we continue to hover around this level, or break up or down.
I also noted Williams %R in the picture, recently, breaks into Overbought/Oversold have been choppy, except for recently. We're actually heading into Overbought.
I'm not sure what this market is going to do, earnings are due, but the pricing is low already. We've rallied into a consolidation area as far as I can tell, if we rally off of 800 on the S&P 500, my forward look is very bullish.
Ignore the volume for the most current two weeks on the chart, I'm not sure why it's wrong, but it is.
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