S&P 500 ETF-SPY Bullish but Unemployment May Cause Resting
S&P 500 ETF- SPY Weekly Trade Report
Technically Speaking-
With the start of the New Year, we can see in our volume that we are picking up again and getting back to normal. We had lower volume as the year ended and now we are picking up again.
We are in an extended up trend that we should see cool off here and rest soon. This does not mean that we will move backward. We may still continue up but we may need a rest soon. This may be caused by unemployment news in January.
But make no mistake we are bullish. Even the MACD Histogram is staying above the “0.00” line when it weakens and looks like it is strengthening again.
Other Market Influences-
According to the December employment numbers, the employment situation failed to improve, and as had been suggested by the decline in unemployment claims and the surge in the ADP estimate of new private sector jobs. But while it failed to improve, neither did it deteriorate. This may affect us negatively if we don’t see an increase. Staying the same is unacceptable.
The bullishness seems to be really spreading to every corner of the market. Several of the indicators of market sentiment have been rising to levels that generally correspond to market corrections. Some have in fact risen to multi-year highs, and have surpassed the levels recorded in 2007 during the all time high. While these measures can always get even more extreme, they are an important potential red flag. So be careful and watch the markets this week.
John Mylant
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