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Stunning Monthly SPY Chart

Published 11/01/2015, 03:37 AM
Updated 07/09/2023, 06:31 AM
SPY
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“People are living longer than ever before, a phenomenon undoubtedly made necessary by the 30-year mortgage.” Doug Larson

While Friday was a bit weak, index chart remain pointed higher and with a new month comes new money, so we should see some nice strength early in the coming week.

Let’s check the daily and very telling monthly SPDR S&P 500 (N:SPY) charts today before we take a deeper look at many stocks in this weekends full report.

SPY Daily Chart

SPY is still resting below the 210 resistance level.

We did have a weak close Friday but the direction remains up.

I remain heavy into stocks and am looking to add 2 or 3 more positions once they breakout.

I think we are once again entering a buy the dip type of market so use dips to grab positions you missed initially.

Let’s take a look at the significant SPY monthly chart.

SPY Monthly Chart

See the same pattern from this time in 2011?

History rarely repeats, but it often rhymes and this resemblance is uncanny.

Time will tell but if the pattern repeats, we are in for a hell of a ride so buy up and buckle up.

On that note, you can still grab a seat in my real-time trading group for only $200 that will take you into the end of the year.

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