SPY: Leaders Holding Us Up

Published 05/05/2017, 12:40 AM
Updated 07/09/2023, 06:31 AM
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There is one irrefutable law of the universe: We are each responsible for our own life.” ― Oprah Winfrey

Stocks (via SPDR S&P 500 (NYSE:SPY)) continue to be nothing special in general but a few of the leading stocks continue to perform and hold this market up nicely.

Things look good on the surface but not a lot of stocks have decent charts right now so I remain mostly out of stocks and waiting, but that may soon have to change.

SPY Daily Chart

This long cup and handle looks good here but I’m not seeing a ton of great action from as many stocks as I’d like so I’m not so sure we will see a breakout, but I’ve been wrong before.

A breakout above the 240 area on heavy volume would be a confirmed breakout so let’s see if it comes.

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