We been talking about a change in long term trend or probably a long overdue correction but  i wonder if the recent non direction will actually be the short term correction that worked off the overbought levels.

SPY Weekly

MACD looks to be going negative soon. But it is highly possible that will resume its MACD uptrend to show positive trend movements. That 200 EMA seems awfully difficult to be taken out. I have a hunch that we are going to higher.