S&P 500 ETF- SPY Expect Weakness in the Trend
S&P 500 ETF- SPY Weekly Analysis
Technically Speaking-
It is interesting how October’s lows are now the resistance levels for our bullish journey this last quarter. Volume is a little lower but that is what it is usually like this time of year.
The RSI & the MACD both confirm weakness developing over the last couple months in our journey. This does not mean that we will turn bearish soon. The identification of weakness could also mean consolidation. This could just be a resting point before we continue upward.
What we do know is that we are slowing down and not as strong in our journey right now as we were earlier in the quarter. Trade accordingly.
Other Market Influences-
Alberta Rocks Tuesday reported that the Hindenberg Omen had signaled. Wednesday, he reported that the usually bearish signal has confirmed. This is a good sign that we could have a market correction coming very soon. It is another reason for us to be cautious in our trading. Do not assume a bullish position without some hesitation.
Let’s also not forget that the market has gone up 37% in the last couple years. It is hard to believe that the market could go up a whole lot more in 2011 even though anything is possible. There are a lot of people looking at the markets to go modestly, 5% to 7%. I guess one can also say the markets may go down the same. But look for a sideways movement with very little significant swings over the next two weeks.
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