SPY monthly - what is next and what to do now? - 2/19/2015

Secondary indicators ( RSI and MACD ) are not looking good, but that does not mean market cannot keep going up (we all know divergence). The rising wedge exhausting point is $250. The market can go up 20% from this point on (a parabolic move is also possible, which may lift it up above the current main resistance line), ), or can go down 20%. Judging by the direction of 10 month moving average, the main trend is intact and is up. So I would suggest keep long the market as long as price is still above 10 month MA and above the main trend line . Only to short the market when the 10 month MA rolls over and price is below it and below the main trend line .
For laughs, add a Fib Ext (proj) to your chart at the $80 low of 2/03/2003, extended to your 10/01/2007 TL top.... 1.618 extended sits right at this week's resistance.
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No laughs. Those are good observations and have technical merits. Thanks!
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