SPY ETF: More Good News, Bad Action

The S&P 500 ETF (NYSEARCA:SPY) traded down all day despite having good news.

President Trump was reported to decide he needs a trade deal to boost the market to get reelected.

ADP reported another strong jobs report today. It was slower than the last couple of months but inline with expectations. ADP can be a precursor to the NFP report coming on Friday. NFP is a market mover.

Lastly the Fed's John Williams said that he expects rates to remain low. One negative may be that he called out a coming period of slower growth.

Frankly we see the SPY ETF having risk to turn down here. It needs to move up in the next day otherwise the gravity after a long long long move higher, is down.

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