spx weekly chart update

spx weekly chart update

For now despite the many skeptics out there, and those who are allegedly in the know. This market is still in a bullish position. If you take a look at the weekly chart, this market has been shrugging off debt ceilings, tapering, bad earnings, and all the rest. And without even taking all that into account you can see that the market remains within its very nice upwards channel lines.

Ok, eventually this market is going to need to take a break soon, and we are the first ones to admit that, but for now we would not be surprised if we saw 1900 on the SPX soon. Or targets would be within the 1890 - 1900. Some might laugh at those levels, but one must remember the market can remain at unrealistic levels before traders out there become insolvent.

Honestly, it was a brutal year for the bears last year, infact the last few years the bears have been hugging the porcelain dry reaching to what they have become witness too, but I do have a funny feeling the bear carnage is not over yet. Once again take a look at the weekly chart below. 

Uptrend remains intact for now.

spx weekly chart update

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SPX weekly chart update

SPX weekly chart update

Stocks capped a wildly volatile trading session flat as a pancake following the monthly government jobs report and amid ongoing jitters over Syria.

The syria crisis is certainly playing havoc with the market, but again, its just all rumors, no action has actually been taken yet. And Just between you and me I think OBAMA is fighting a losing battle there.... but we shall see.

The continuing debate over whether the Federal Reserve will announce a tapering at this month's meeting is another wild card.

I think investors will have a better idea of whether this week's WEAK Market bounce (the Dow has been up four straight days) has staying power when "real trading" resumes in the coming week.

Right now, it's going to be waiting for the Fed, the markets are a bit jumpy, however you can see we are still in a nice upwards channel. Above the bottom of the channel is bullish, but below is bearsish. The week coming will probably be a make or break, but the yo yo on this market continues.

SPX weekly chart update

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