SPDR S&P 500 (SPY)

[risk on]

For spy daily the TL is the 9 ema , and the channel is the 9 ema and upper BB. The same can be said of the weekly chart regarding the 9 ema . But , the monthly has an issue , if we are going to keep constant in the charting. That issue is Spy monthly has not touched the 9 ema in a very long time , and the general rule with 9 ema is the longer / further away price is from the 9 ema , the much more likely it is to touch .

The buying Friday , and really this whole recent period for Spy , feels very akin to a runaway penny stock, just before it collapses.