SPY ETF trades higher
The S&P 500 was trading at 2,068.59 on February 10, 2015, the highest level since December 30, 2014. The increase was driven by optimism from Greece’s debt deals and gains from companies like Coca Cola (KO), General Motors (GM), and Apple (AAPL). The SPDR S&P 500 ETF Trust (SPY) also gained and was trading at 206.77 as of February 10, 2015. The SPY ETF tracks the performance of the S&P 500.
As per the latest developments, Greece’s new government is edging close to a debt deal with its Eurozone partners. On the other hand, US markets gained, with Coca Cola (KO) increasing 2.8% due to an increase in profit because of cost optimization. General Motors (GM) increased by 4.2% led by speculation of an $8 billion stock buyback.
Apple (AAPL) was trading at an all-time high of $122.02 and became the first US company to have a market capitalization of $700 billion. Apple announced a deal with JetBlue Airways (JBLU) to allow passengers to use Apple Pay to pay for drinks, food, and other in-flight offers.
So far, two thirds of S&P 500 companies have reported their earnings results and 77% of them have beaten the profit estimates, while 56% have beaten sales projections as per Bloomberg estimates.
The SPY ETF has been trading in a range of 198 and 207 since January 2015. It could trade within this range unless some bullish catalyst pushes the SPY ETF to the next resistance level of 208. On the downside, support levels are between 200 and 198. In the daily chart, relative strength index (or RSI) and the moving average convergence divergence (or MACD) are showing a trading range suggesting a possible sideways trend in the short term.