Many traders will be laying in bed all weekend wondering about this SMA200 breach. Will it confirm? Will it reverse? Understandably so.
On a Daily chart the SMA200 is considered a key indicator by traders and analysis. It's utilized to determine the overall trend of the market. We all know, "Trend is Your Friend."
Tracking the last 40-weeks of trading, the SMA200 is used to determine the general market trend. If price remains above the SMA200 it's considered a Bullish Trend.
SMA200 has been breached (Green Arrow), so many will be waiting for confirmation on Monday.
I would prefer to see DMI above 20% Level to confirm this trend as well. ADX is Green & that's Bullish.
$SPY Daily Chart: (Thank you TradingView.com)
Spent too much time reviewing charts this weekend. I focused on weekly charts to get a better feel for longer Swing Trades or even Buy & Holds.
I notice the Tech. Sector really looks ripe here for opportunity and on sale. Adding value.
SMH Weekly:
SMH got very "Depressed", recovered & then got the expected pullback. Now Price is carving out the right side of a nice "W" Pattern. Fresno MACD Bullish Histo.
XLK Weekly:
XLK is the Tech. Sector ETF and helps confirm a Bullish Tech. Sector and on sale in the "Value Zone".
Have a nice weekend and check some Tech. Stock charts out. Please see $BIDU.
Cheers.
