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The stocks that we have been trading / investing in have been defying gravity for weeks. The fact that we are catching them right at the lows gives us time to enjoy the ride and nit worry about a short term pullback. So far, a short term pullback is rather hard to come by. Lets review the markets and look for more set ups.
SPX - It may be early in the investor cycle, but this doesnt look ready to power higher to me. I expect the markets to fail at resistance, at least short term.
Read MoreWell, the past several weeks have been excellent for trading , and we have seriously had reasons to celebrate, catching the lows in various sectors. All good things come to an end, so is it that time yet? Can we keep the celebration going? lets review!
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SPX ( or SPY) - A few weeks ago I was calling for a rally to get the bulls excited. Those who wanted to play it long should now be a bit more cautious short term. We have reached the spy gap, using a wedge to transport us there. The 200sma is there on the spx too 😉
Lets look at another indication that the SPX is at least short term topping, and we'll then look at a longer term weekly SPX chart.
Read MoreAnother great week of trading! Lets wrap this week up...
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SPX - Will Friday s Job report end the recent rally? We are approaching resistance.
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