S&P 500 Outlook 30.01.2013

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Last week we saw the S&P 500 went on an eight day run of gains. This is the longest winning run in eight years. The index remained above 1,500 after closing above that level on Friday for the first time in more than 5 years.

For trading purposes I would be using the exchange traded fund of the S&P500 which is the the SPY. Looking at the charts, the SPY looks set to continue its bull run until the resistance of 153.18. If the price do come to the level of 153.18, I would then look for price weakness and short the SPY. This bull run somehow has to rest and let’s be there to take advantage of it.