SPY has moved several points higher since my post last week. Earlier today, SPY encountered some overhead resistance at its 200-hour moving average (orange line). Within the past hour we’ve seen price pull back and to a slight degree violate the lower confines of its minor uptrend channel. This is the first such violation since the minor uptrend began about a week ago.
Although TSV and MACD remain positive they are showing some subtle, yet growing signs of fatigue on this 30-minute chart. It appears SPY is in need some rest here, which is likely to involve a pullback of at least several points.