After a lackluster performance for most of the week, SPY appears to have picked up steam. However even though SPY formed a monthly high today, do the technicals stack up? Zooming into the 2 hr timeframe, the MACD shows signs of recovering although the slight green bar does not seem indicative of an uptrend yet. More concerning is the gradual decrease in volume since the uptrend. This can be seen through the volume moving average and the MFI. This combined with the 50 day moving average acting as a resistance make a long case for next week a hard sell. It is too early to say if this uptrend is over as it will be confirmed as next week plays out.