2/24/2019 Futures up a lot Sunday night. Looking like more upside next week.

It looks like we will have more upside next week because futures are up a lot as of 5:30 PM Eastern Time (Sunday night). 

SPY Weekly 2_24_2019.JPG

Here’s something interesting I noticed when I pulled up the weekly chart of SPY. Notice how the index made a higher high in 2018, but the RSI was lower when it made that new high.

As you can see today, the index continues to push closer and closer to all-time highs, yet the RSI is only around 57. I’m still sticking to my prediction that the market will be negative in 2019, and that we won’t reach new all-time highs this year. For the shorter term outlook, I suspect we will move a bit higher or stay around this price.

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