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)
always nice to see a post for the "community"
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