SPY Weekend update

• SPY Weekly chart has given a bullish engulfing pattern.
• For bulls price need to sustain above 20 Week SMA and the Golden Ratio shown in 3rd Chart. Trading above Golden ratio should target the 78.6% Fibonacci level area at 138.6.
• Hope left for bears as the Weekly MACD sell signal has not been negated completely . Bears must hope for weakness near 80% retrace level. Any weakness there will keep the MACD sell signal alive. But i must warn that the momentum in daily has turned in favor of bulls.
• S&P 500 CHART ANALYSIS