SPDR S&P 500 ETF’s RSI Shows Multiple Signs of Strength, Resistance Flips to Support
SPY’s 5-period RSI recorded multiple signs of strength off recent lows, while the SPY/VIX ratio has climbed above its average, confirming sustained bullish momentum. Former resistance levels have flipped to support, reinforcing the uptrend and indicating bulls maintain control of the broader market.
1. Technical Indicators Confirm Bullish Control
SPY’s 5-period RSI generated multiple ‘Signs of Strength’ off recent lows, signaling a clear acceleration in buying momentum. The SPY/VIX ratio has risen above its recent average, corroborating the bullish trend and suggesting that risk appetite remains elevated. Key resistance zones have transitioned into support, reinforcing investor confidence and the potential for further gains.
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Sources
IFB