First, the bull case.
- All shorter term MA's are above longer term MA's on the daily chart
- MACD cross-over to the upside, above 0, and pointing up
- Buydonthold.com Dashboard flashes a buy signal
- The Real Fly is 100% long
- Presidential election year
On the other hand, the bear case.
- $BPCOMPQ is still a sell signal, albeit on the verge of losing it
- The daily volumes for the last 3 weeks does not confirm the rally
- March high has yet to be broken, double-top pattern is still in progress
- Daily STO is overbought
- 60 minute MACD shows negative divergence with ADX at a modest 23.17 level
- VXX is at historical low with MACD positive divergence in both the daily and 60 minute charts
- Earning season is coming to an end
- Sell-in-May-and-go-away seasonality
SPY 60 Minute
If one needs not be greedy (bull) or naughty (bear), cash is king. Or at the very least, I wouldn't go aggressive on either direction.