The market is adjusting before the OE of Jan (this Friday) , the first 3 days (Mon to Wed) is very important to monitor the market. We will get a idea where the market would probably stop to drop on Wed. In my opinion, Spy seems to have a range between 184.68 and 177.5 a while. Because the data of economy can not support the market go up to another new high, the 185 of SPY would be difficult to break. Therefore, we should be out our most positions when the market arrives the area. However, the earnings season is coming,so I don't think the market has a big room to drop. The 177 area of SPY will be a strong support line which is a line of the bear or bull of the midterm -trend during 2014 year. If the line is broken, a midterm correction would come that is usually consistent 6-8 weeks.
Comments
profitmaker999
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Yeah, 180 is the first line of support. Pay more attention next Monday that SPY should have bounce at least.
profitmaker999
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185 area of Spy is still difficult to break.
profitmaker999
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Actually, I still think that it is difficult to make another new high this time, so the market probably stays in the range.
profitmaker999
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I am so surprised that the market is such a strong. No idea if the market would go up higher and higher. Let's see if SPY will make a new high tomorrow.