S&P 500 ETF- SPY Nice Symmetrical Triangle
Technically Speaking-
If we look at our 60 minute chart, we can see that the SPY has been consolidating since about February 22nd. This is the reason we have had these large swings. We have a very well developed Symmetrical Triangle.
If you look at the RSI underneath, you will also see a mid-range pattern for the Indicator. The triangle is centered right in the middle now, a perfect position to prepare to break out soon. Something is going to happen within the next 30 days. Usually, these things are continuation patterns and we would expect this to break out on the upside again.
Other Market Influences-
Richard Suttmeier wrote in his article Friday: “We began Friday with a new ValuEngine Valuation Warning, which occurs when more than 65% of all stocks become overvalued. Today 66.4% of all stocks are overvalued as the market attempts to rebound back to its February 18th highs, when 68.6% of all stocks were overvalued. A higher bond yield is an important factor that makes stocks more overvalued. In addition to a new valuation warning all sixteen sectors are overvalued, 14 by double-digit percentages.” So even though we look like another move north might take place soon through our chart pattern, the long term warning is be cautious.”
Sector strength has been firmly led by defensive groups. Utilities (XLU) and Healthcare (XLV). Sector strength may be signaling that big up days for markets which are led by defensive sectors being up more may very well be an early indicator of a coming correction, as long-only managers who can not short tilt their portfolios to less volatile sectors.
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