Chart Talk {)3.03.16}

Here's an update of the S&P 500's ETF SPY.  Chart is from FINVIZ.com.  Note the following:

1.  Short-term now the market is overbought.  Market clues on direction will be garnered on how the market handles the next level of resistance right above where it's currently trading.

2.  Yellow shaded areas represents overhead supply.  This level of trapped longs goes now back to last spring and has the potential to be tough slogging for the index as the market moves closer to those prices and tries to slog its way higher.  Theory states that these levels are full of "trapped longs," investors who bought at higher prices and will be anxious to sell the closer price returns to their cost basis.

*Long ETFs related to the S&P 500 in client and personal accounts although positions can change at any time.

Back Monday.