As one may have guessed, there is no change in SPY. I am, however, providing updated daily and 60-minute charts. On the daily chart, SPY continued its January run with a close above 114 for the first time since September 2008. January is getting off to a good start - almost too good! Nevertheless, there are no signs of significant selling pressure.
On the 60-minute chart, SPY continues to advance within a three-week channel. With the close above 114, SPY is currently at the top of this channel. In addition, the ETF is getting short-term overbought after a 2.7% advance in the last three weeks (111 to 114). This is not reason enough to turn bearish, but it does argue for a bit of caution on the bullish side.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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