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SPY Opens Higher Europe Debt Still Lingers in Shadows

|Includes: SPDR S&P 500 Trust ETF (SPY)

S& P 500 ETF- SPY

Technically Speaking-

We have positively changed our direction since the beginning of December. We are on a slow AA
steady upward movement. This is supported by the RSI staying consistently at a healthy 65.18 as it ended the day. The only concern we might have is the low volume that shows weakness in this short term move.

Other Market Influences-

Debt-struck Ireland braced for the painful details Tuesday of the toughest budget in its history, a condition for receiving a massive international bailout. Finance Minister Brian Lenihan's 2011 budget is being unveiled and voted on Tuesday night in parliament as protesters gather in exceptional snow and ice outside.

Tension persisted on European bond markets on Tuesday after Germany and fellow euro zone states resisted IMF calls to do more to quell the currency bloc's debt crisis, leaving the ball with a reluctant European Central Bank.

After five hours of talks on Monday, the 16 ministers said they would take no new measures to tackle the risk of contagion, arguing that the existing safety net was sufficient, and they had not even broached a proposal for issuing joint bonds.

Even though this persists, the good news on the tax increases not taking place are still the major influence on the market early and we may open higher.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: no positions