Direction- the SPY is and has been bullish for the last couple days!
Bollinger Bands- the ETF SPY has moved along the top of the bands and this morning we are watching to see if we have a second break through the top. If this is the case, there is a good chance of having a short term reversal take place. This first hour we are pretty safe and are just roaming at the top of the band, showing bullish strength.
RSI- the SPY has been bullishly strong and floating at the upper end of the top ‘80’ mark. recently we are just above 74 and still hover close to ‘80’ but not quite in it. This is showing and supporting strong bullish tendencies.
MACD- with the SPY is strongly bullish tendencies and continuing to move up as it shows support just like RSI. The MACD Histogram showed a little weakness yesterday as if the move up ended. But starting off stronger this morning, we will see if we will continue up or if we will soon see another rest period before we continue to move up.
Chart- with the SPY is strongly bullish and we are waiting for the charts to identify another resistance area to see if we are going to push through it or not.
Outside Market Influences-
The pace of U.S. private sector job growth slowed in August for the second month in a row with employers adding 91,000 positions, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 100,000 jobs. July's private payrolls were revised down to an increase of 109,000 from the previously reported 114,000.
Stocks added to earlier gains on Wednesday, with the S&P 500 up 1 percent, after an index of factory activity in the U.S. Midwest fell in August, though the figures still pointed to growth in the sector.
The Dow Jones industrial average (DJI:^DJI - News) added 111.33 points, or 0.96 percent, to 11,671.28. The Standard & Poor's 500 Index (^SPX - News) gained 13.64 points, or 1.12 percent, to 1,226.56. The Nasdaq Composite Index (Nasdaq:^IXIC - News) rose 24.81 points, or 0.96 percent, to 2,600.92.