My Newhigh/8EMA Bounce scan showed that SPY recently had a GLB to an ATH and has been tracking its 8 EMA and bounced up off its 8 EMA on Tuesday. If I bought SPY on this setup I would sell SPY with a close below the 8 EMA or the green line, at 613.23. Note that SPY also had a blue dot (oversold bounce) on June 23 and has closed above its 8 EMA every day since June 25. It is also near resistance at the upper 15.2 daily Bollinger Band, as shown by the red dot. Let’s see if this setup holds or fails tomorrow. I will discuss these indicators with Richard Moglen at the TraderLion Conference on Sunday.
