SPY Chart 5/2

So here we are on hump day for the week.  Its fun being the middle of the week and over the last 5 days we have had a very nice little pop on the SPY.  We now get to the part of the week that could hold some land mines for this continued rise but I am actually optimistic.

Yesterday ISM Manufacturing surprised which gave legs to the market and I believe that will continue to create the momentum the market needs to finish out strong.  ADP numbers came in light today at 119,000 but it still is adding to the underlying trend that employment is still expanding albeit at slow rate.  The next couple of days will be impactful and as long as we come in on target with initial claims and the ISM services numbers are good we should finish the week strong. 

The upward trend on SPY since October is still in place and the price action is still occurring on the demand curve.  We are heading towards the highs of March and if price action slows there it could indicate that resistance is in place.  Just keep an eye we should end up at the high of $141 of jobs and other reports are good and $139 if they are not inline.  Another thing that is somewhat absent today and for most of the week is volatility.  The price action today was solid even thought this morning began with somewhat of a sell of it showed that there was support and rebounded off $139.50 solidly.




Key things to Watch for tomorrow and Friday






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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives.