Technical Analysis- S&P 500 ETF- SPY

S&P 500 ETF- SPY Weekly Technical Analysis

SPY- S&P 500 ETF

The S&P 500 ETF ,” that uses the symbol “SPY,” has been influenced by the stock market this week. Its stock price stands at $121.80. As we learn in MSN Money Snaphot they write this about the Fund: “The investment seeks to correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Index. SPDR Trust is an exchange-traded fund that holds all of the S&P 500 Index stocks. It is Publish comprised of undivided ownership interests called SPDRs. The fund issues and redeems SPDRs only in multiples of 50,000 SPDRs in exchange for S&P 500 Index stocks and cash.”

We picked up this week just where we had been going before last Friday when everything went south! But, this was just a reactionary downward movement that we should not have been to concerned about. We have continued on our upward movement and appears that now we are using the middle of the Bollinger band as our support area.

Support- As we continue to move up the support levels that we wrote about last week continue to stay in
place. We did not move that far up this week to redefine them, but there is one interesting thing to point out. Can you notice the low points on the stock as it progressively moves up? It tends to gradually get lower and lower over the last 7 week period until now it is resting upon the middle Bollinger Band. I would be curious to see if the SPY continues to move up if it will continue to get lower. If this happens, we may see larger
swings in the up and down levels as it moves forward. 

Resistance-We were at 120 but since we pushed through that, our next level of resistance will be 123. It will be interesting to see if we get there this week. For as slow as we have been moving lately, it may take us a couple weeks to get there. 

What to Expect this Week- I expect us to watch the SPY and see where the lower levels of the daily stock falls. Really observe and see if it pushes through the middle Bollinger Bands this week. I have no reason to suggest that the stock is ready to move down now. All my Indicators are still bullish in nature. Slow gradual movement is what I would expect from the stock this week unless we are hit with unexpected news that could drive the markets down for a day again.

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