The stock market has been on a continuous rise since about November of 2012. The rate of increase became even stronger starting in May.
A green line represents the trend line from November for SPY. You can see the divergence beginning in May.
During the last week, SPY has dropped below the 17 period moving average on the chart, but has not yet touched the 53 period moving average. SPY last touched the 53 period moving average on 4/19/2013.
The bottom line for this chart is that the uptrend is still intact.
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