S&P 500 ETF- SPY Caution iis in the Air for Traders
Technically Speaking-
There is no doubt; we are still in an up trend. Since the beginning of November we can see that our trend has leveled out and is not as strong as it was in the early part of fall.
Our RSI and MACD Indicators support the weakness that has developed in our trend. Weakness signifies one of two things. It means that either the market is getting ready to turn down or it is consolidating before another upswing.
Either way, we know that the SPY is still in a steady slow climb toward the Bulls! Trade accordingly; be cautious though of a turn.
Other Market Influences-
Prospects were improving that the Senate would approve legislation aimed at avoiding sweeping tax increases Jan. 1, the AP reports. Negotiators added a few sweeteners to promote ethanol and other forms of alternative energy. Many House Democrats have balked at the proposal to extend tax cuts, voting in a closed-door meeting Thursday not to allow the package to reach the floor for a vote without changes to scale back tax cuts for the upper brackets. This will loom large in the markets this week if it does not hit the floor.
I have read that some see the S&P 500 as being in “extreme over bought territory” and the highest since November of 2009. This has caused some concern to be careful about.
Caution appears to be in the air.
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