Spx Weekly Update

The market just closed today and as you can see, even though there are people whining and bears screaming the market is going to crash, we remain vigilant and just watch the charts.

It paid off hansomely for us in 2012 and will do so again in 2013.

Right now the summation chart is telling us to be cautious, but to still buy the dips.

Eventually we will have a sell signal soon, but do not worry, we will get plenty of warning.

This is one of the best market signals, and we do not trade on opinion. We use charts and indicators to and listen to them, and act accordingly. Right now the summation is saying the bulls are winning.

summation chart

When we have a look at the weekly chart of the S&P, we are now getting close to our first target discussed 1470. We are not there yet, however we are only about 4 points away. :-) *winks*

The weekly chart is very bullish and we are up near the highs seen back in SEPT - OCT 2012.

We closed near the highs of this week, our thoughts are next week we could see some nice positive action and also higher prices are likely.

Looking at the chart below, we can see on the weekly chart the stochastics still has more room to move on the upside, so we would not be surprised to see more upside action next week. 1480 seems to be the next target for the bulls.

spx weekly chart

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