CosmicDust

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

AMEX:SPY   SPDR S&P 500 ETF
spy
308 2 12
spy
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.
prd001 PRO
2 years ago
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.
+1 Reply
CosmicDust prd001
2 years ago
No laughs. Those are good observations and have technical merits. Thanks!
+1 Reply
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