SPY ETF: Slight Change

The S&P 500 ETF SPY (NYSEARCA: SPY) is still moving up. We called out that a close above 265 then 270 was bullish.

We have a slight change.

Short term the market looks a little extended to the upside which can mean there's a risk at any point. We'd raise stops a little closer to the market maybe within 1-2%.

But really really I think the market can digest this big move over the next one or two weeks and then potentially climb for another month.

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While earnings were very mediocre at best, strong jobs, low inflation, and a Fed on hold is helping the market. Plus, remember, at the end of the month Trump meets Xi. Hopefully, we get any sort of deal that will stop tariffs. No tariffs will be a big plus for the market.

So even though the market's extended we're not ready to hedge or reverse unless the market breaks saying it wants to go lower.

For now, though, we'll let it keep doing what it's doing.

Disclaimer: Stocks reported by Elazar Advisors, LLC are guided by our daily, weekly and monthly methodologies. We have a daily overlay which changes more frequently which is reported to our premium ...

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