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U.S. Index ETFs And Stocks Move Higher, Defy Gravity
U.S. stock indexes and index ETFs put in a strong showing on Friday and for the week, moving higher in spite of mixed economic reports and overbought technical indicators
In the chart of the S&P 500 (NYSEARCA:SPY) above, we can see how RSI has returned to overbought levels above 70 which is where it has been for the last two weeks. Momentum is slowing as represented by MACD, but the trend remains strongly positive on a near term basis.
Economic reports were mixed last week and we’re coming into the worst month of the year during post Presidential election years. Seasonality, along with the upcoming “Fiscal Cliff 2″ debate, will likely put more headwind into the U.S. financial scene. Furthermore, Q4 GDP came in negative last week and if this estimate is confirmed, will cast an even longer shadow over the economic and financial landscape going forward….
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