The S&P500 SPY ETF resumed its bullish trend this week, surpassing the February highs. Pre-market the SPY is trading at 344.15 with futures range bound this morning near 3440.00 (+/-). Absolute gamma resistance is building above 3450 ~ 3500.
In addition to absolute gamma resistance of 3450 ~ 3500, support lies at 3400 (SPY 340), the breakout area, and put wall support in that zone.
MACD is above its signal line and rising, which confirms bulls are in control. RSI is rising and above 50 suggesting the underlying trend is intact.
Renko charts assist in removing the noise and concentrating on price. Until a red brick is printed the major trend is bullish. Occasional periods of consolidation are normal.
Amgen and Honeywell are higher this morning. Best Buy dipped. Futures are trading at 3440.00 (+/-).
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