uploads///spy feb

SPY trades flat after Greece delays debt deal


Dec. 4 2020, Updated 10:53 a.m. ET

SPDR S&P 500 ETF Trust (SPY)

The SPDR S&P 500 ETF Trust (SPY) traded flat as investors were cautious about Greece’s debt deal negotiations with its Eurozone partners.

SPY closed at $206.93 on February 11, 2015, unchanged from the previous day. SPY reflects the price movement of the S&P 500. The S&P 500 was also trading in a narrow range on February 11 and closed at 2068.53, almost unchanged from the previous day.

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The Greece bailout

In the Greece bailout drama, Greece has not been able to close a debt deal with the European Union (or EU). The EU will continue its discussion about the bailout program on February 16.

Stock investors expect the debt deal to close between the EU and Greece, but they have to wait until February 16. In US markets, most of the companies have announced their earnings results. Investors are eyeing international developments like the Greece debt deal, which fuels US stock market movements.

The S&P movers for the day were Apple Inc. (AAPL) and PepsiCo (PEP), which increased 2.36% and 2.46%, respectively. Apple continued its previous day rally, and PepsiCo increased on plans of stock buybacks. Stocks for Genworth Financial (GNW) and FMC Technologies (FTI) increased more than 5% for the day.

Considering international developments, lower oil prices, and looking at the chart, SPY could trade between wide ranges of 200 to 208 levels. Technical indicators such as the Relative Strength Index (or RSI) and moving average convergence divergence (or MACD) suggest sideways movements per the daily charts unless triggered by major news. Then the trend changes.

In the next part of this series, we’ll provide a technical analysis update for the SPDR Gold Trust (GLD).


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