spx weekly update

spx weekly update

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Wow! What a difference a week makes. This is the large cap S&P 500 to show that the market was not looking very healthy but positive news about the US NOT DEFAULTING and a DEBT CEILING agreements being met, we have now climbed back up into the wedge. Climbing back up into this wedge may see much more higher prices in the coming weeks.

But realistically we have much to get through, and my guess is the criminals on wall street and Washington will again leave it to the 11th hour before deciding on what to do. Time is off the essence for them. 

So next week is a very big week coming!!!

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spx weekly update - syria tension

Well it was a very interesting week this week, with the end of the month shenanigans playing out perfectly, and much tension building over in Syria as Obama lost support from his major allies, and is still contemplating whether or not to launch an attack to punish the Syria regime for using chemical weapons on its civilians.

Last week we did warn our readers that the weekly chart was not looking healthy at all. We closed out this week at 1632, and as you can see, that this week the bears continued to do damage to the market, and this is normal into a 3 day long weekend coming. Market reversals played out quite nicely and the tensions in Syria helped the bear case also.

Divergence in the MACD histogram, and also the fact that the smart money will be back in SEPT is leading us to think this market might not be done on the downside quite just yet. But this is just a guess. We go more into detail in our VIP MEMBERS SECTION HERE, about what could happen in the next 4 weeks.

Due to the labor day long weekend, things will not get busy till Wednesday, so we will be updating our VIP members only, and will not be back till WED - THURSDAY next week.

Happy trading.

SPX weekly update

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Spx update - spx weekly update

spx weekly update

The market sold off into the weekend with talks about North Korea on the verge of war and the spillover from the Cyrus crisis.

Unemployment still remains a big problem and the market did not like that at all, and we still have a gloomy outlook. However when we take a look at the chart below, we can see the market even through the bashing, and bad news has remain pretty buoyant. Perhaps people are jumping to conclusions too soon, and we do not have a big reason to panic just yet.

It is clear the market is totally dislocated away from any bad news at the moment as a whole. There have been a few blips and blops along the way, however the market still has strength attached to its name.

spx weekly update

As you can see, we are still in a major bullish uptrend, and things are not looking too bad in the bigger picture. A few months back we even included the bull / bear ratio chart that convinced us we are still in a bull market. When you take a look at this chart you can see why.

This week was not good for the market, that is for sure. Further more it could even be the start of a much larger correction as we have been hinting. But for now the leader of the market the dow jones transportation average still remains above critical support and above the major averages.

It would be wise to monitor these support levels in the coming weeks, as a breach of these levels would not bode well for the markets.  But until that happens there is no real reason to throw hands up in the air and panic.


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spx weekly update - Latest spx weekly update

spx weekly update

The market is quite resiliant right now, however, the market has not really moved much for weeks now, and it seems there are headwinds  happening in EURO with this whole EUROPEAN crisis and bank bailouts in Cyprus.


The chart below we can see the market technically at all time highs, or just above and the bull ratio is getting close to overbought regions. So you might want to be cautious here.

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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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