In general, the SPY is still in an upward trend as we can see long term by the yellow line. But in the last 12 days we have been moving sideways.
A lot of this may be attributed to the reactionary move last Friday with the Egyptian unrest. We are bouncing back off that reaction
To continue moving up at this point we have a long way to go. We have to push clear above130 and that is a way off into day’s market. The MACD is still showing weakness.
Other Market Influences-
Stocks around the world have recovered their poise and oil prices have eased from elevated levels Tuesday as investors monitor the protests in Egypt.Though the prospect of more violence on the streets of Cairo, where another huge rally is taking place, is a potential cause for alarm, investors are keeping a close watch on developments elsewhere, particularly the run of major economic indicators that culminates in the U.S. payrolls
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.