SPY REMAINS NEUTRAL /BULLISH UNTILL 13 DEC
What I am seeing is again formation of bullish pennant with a possible breakout in the mid week.
We should stay in 400-406 range, check the green triangles.
IF the momentum is strong enough it can break the year long resistance at around 407,
which if we were to stay in the channel, we could go to 416.
For next week Most likely 400 area is a buy and 406 is sale.
All in all we probably end up at 405 on Dec 13, where market will decide the direction.
I am still bullish, but took the profits from 390 to 407, and will be day trading until Dec13.
I bet SPY will end up at 430 EOY, but I will not gamble on that until Dec13.
If it was to do that within the channel, watch out its getting tighter
Good luck!
We should stay in 400-406 range, check the green triangles.
IF the momentum is strong enough it can break the year long resistance at around 407,
which if we were to stay in the channel, we could go to 416.
For next week Most likely 400 area is a buy and 406 is sale.
All in all we probably end up at 405 on Dec 13, where market will decide the direction.
I am still bullish, but took the profits from 390 to 407, and will be day trading until Dec13.
I bet SPY will end up at 430 EOY, but I will not gamble on that until Dec13.
If it was to do that within the channel, watch out its getting tighter
Good luck!
As long as 400 holds ...