Chart Talk {04.09.19}

Here is an unannotated weekly chart of the S&P 500's ETF SPY.  You can see on this that while this index is trading at a six month high, we still haven't surpassed our most recent record high set last fall.  Actually when looking at this chart you can see we haven't gone anywhere in over a year.  We're more or less flat with prices we hit back in January of 2018.  Part of this longer term consolidation pattern we've harped on much of the last year, most recently here.  

Do we break out here or continue to consolidate?  Hard to say.  On one hand there seems to be bullish interest and buying power behind stocks right now.  Lower interest rates have helped with that.  On the other is that we are over bought by our work and we are entering a seasonal period where stocks have historically struggled a bit.  Time will tell.

Back Thursday.

*The chart above is from Tradingview.com although the annotations are mine. You can double click on the chart to make it larger if you would like.  Long ETFs related to the S&P 500 in client and personal accounts.  These positions can change at any time without notice.