Stock Market Update

 

SPY Stock Chart
Monthly Stock Chart of Symbol SPY – S&P500 ETF

 

The broad market has rebounded from the recent lows in January. The S&P 500 is now up against a trendline I have drawn in green on the above chart.  If SPY closes above this line, expect a new run higher in stock prices.  If it doesn’t close above its current price by the end of the week, then the market has run into resistance and we will have to reevaluate next week.  A close significantly higher than the trendline would be a very good signal.  Closing just a little above the line like where it is now (210.1), is too vague to make a confident call that markets are going higher.

Stock Market Update
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