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Commentary:
It was a relatively flat week in the stock market, as the indexes pause below recent highs. Three of the ETFs recently made fresh 52-week highs, but have pulled off those levels. In order for the uptrend to continue, those levels will need to be exceeded. If they are not, the market bears may interpret the recent moves higher as a false breakout, and commence selling. SEE: The Anatomy Of Trading Breakouts
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| S&P 500 SPDR ETF (ARCA:SPY) | |
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| The S&P 500 SPDR (ARCA:SPY) ETF made a recent 52-week high on August 21 at $143.09; this slightly eclipsed the April 2 high at $142.21. Since the new 52-week high was created, the ETF has been flat to slightly lower. Short-term support is $140, and a drop below is likely to the send the price to test the trendline at $137.50. With ... | |
