SPY chart update
As one may have guessed, there is no change in SPY. I am, however, providing updated daily and 60-minute charts. On the daily chart, SPY continued its January run with a close above 114 for the first time since September 2008. January is getting off to a good start - almost too good! Nevertheless, there are no signs of significant selling pressure.
On the 60-minute chart, SPY continues to advance within a three-week channel. With the close above 114, SPY is currently at the top of this channel. In addition, the ETF is getting short-term overbought after a 2.7% advance in the last three weeks (111 to 114). This is not reason enough to turn bearish, but it does argue for a bit of caution on the bullish side.
