Minor Hiccup in Bull Trend for S&P
One thing is for sure, despite the troubles in the China market last night, the major US equity market ETF's certainly are taking the Asia sell-off in stride. In fact, the enclosed daily chart of the S&P 500 SPDRs (AMEX: SPY) ETF shows no evidence of a top. If anything, today's action represents a minor hiccup within the dominant uptrend -- and the hiccup (pullback) may well be over! From a technical perspective, as long as 146.00 near-term support contains a resumption of weakness, I have to think that the SPY is about to launch into new high territory above 147.70. My next target zone is 148.50/80.