CHARTS_CCI_SYSTEM

[rimshot]

SPY holding above its 200-day ema depends
with 100% correlation during the 11-year daily history
shown below on two conditions:

1. holding above the 50% level - for the % of the S&P 500 component stocks whose PMO is above the zero line

2. holding above the zero line - by the McClellan Summation Index for the selected four indices

* as of April 6, 2018, item #1 above is below the 50% level since mid-March, and item #2 is only slightly above the zero lines ...

the degree of peril is high for the future SPY price action actually holding above its 200-day ema,
the bulls need to soon reverse all these chart elements
back to the upside

chart #1 -

http://stockcharts.com/h-sc/ui?s=%21PMOAZSPX&p=D&yr=11&mn=0&dy=0&id=p08708198884&a=587504104



chart #2 - daily SPX with PMO & PMO internals & S&P 500 McClellan Summation index

NOTE - the SPX price history is not adjusted downward for
each quarterly dividend that is paid, while the SPY price history is ... which means the current price location vs. moving averages
and vs. Bollinger Bands differs, and differs to a larger degree the closer is the date to the dividend date -- the 3rd Friday in March, June, September, December