This 30-minute chart of SPY spans back about three weeks to February 23. I have drawn in some trend lines to illustrate the short-term upside reversal, which occurred on Tuesday’s open. SPY gapped sharply higher breaking through the downtrend line drawn from the Feb. 26 high. SPY is now in a minor uptrend which can be defined by my yellow trend lines. It is important for any pullbacks to hold at the lower uptrend line.
TSV (center pane) crossed up through the zero-line at about the same time price broke out earlier this week. The indicator remains in positive territory. I would like to see TSV remain above the zero-line and ideally above its moving average.
Worden Stochastic also suggests strong price momentum, as it holds in overbought territory. I would like to see this stochastic hold above the 50 level on any price dips within the up channel (yellow uptrend lines).