There is no change in SPY. Both the short-term and medium-term trends remain up, but both are getting overextended and ripe for a pullback or consolidation. Even though this is not reason enough to turn bearish, it does argue for caution on the bullish side. I am off on Monday-Tuesday-Wednesday and will return on Thursday with an SPY update and Market Message.
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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