S&P 500 SPY- Bullish but Cautious for Jobs Report
Technically Speaking-
Even though we are weak, I expect the SPY to continue its push upward. I have seen this pattern in the SPY all last quarter and it is continuing now.
We have a gap up and the gap tends t fill a little but hold its own. Then we weaken a little and start to move sideways as we are now. You can see the ascending triangle forming. We should break out and move up soon.
Other Market Influences-
The government is expected to report Friday that businesses stepped up hiring in December, a trend likely to gain momentum in 2011. Economists are predicting that employers added a net total of 145,000 jobs last month and that the unemployment rate dipped to 9.7 percent. There is not a lot of hype in this because of the holiday season.
How the U.S. actually opens and how markets in general end the first trading week of the year will likely hinge on how the monthly nonfarm payrolls data look. Market tensions ahead of Friday's key U.S. jobs data kept investors on edge and reluctant to buy into new positions.
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