charts: SPY 240min & daily

Courtesy of eSignal

Above is the SPY daily chart.  The price bars got stopped at the overhead resistance blue trend line at 210.87 and the price bars are still blue and have not changed to red yet.  The MACD has not given a crossover buy, yet.  But it is close.  The buyers, blue ADX line, are still in control.  The bottom oscillator is headed to an OS area in the green highlight.
June is usually a weak month for the stock market and if there is a sell off and most of the indicators still look good and are not falling apart, we may have more to go on the upside.

Courtesy of eSignal

Above is the SPY 240min chart.  The price bars are still blue and are sitting on a support trend line.  MACD has not given a cross over sell yet and the blue line looks like it may still want to try and turn up a little.  Maybe enough to get a completed 5 waves up in price.  The bottom oscillator did reach the first bottom line in the over sold area.  But reaching the red line would be better.   Usually as long as the MACD is still positive, the first over sold line maybe all it needs to keep going up. 

Summary: There seems to be more positive action than negative action.  Looking to see both charts complete thier respective 5 waves up before a counter trend move begins.

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This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results