IvanLabrie
Long

SPY: Weekly analysis

AMEX:SPY   SPDR S&P 500
SPY             shows a new 14 week uptrend signal here, confirmed on close this week. The current price action suggests that we should see 226.18 hit within 1 week, to maintain this pace, else we might stall or pullback for a while before resuming the move up. Note that there is no inminently bearish element, despite what most people think (...people that have been trying to sell this all the way up).

Right now, the weekly signal aims for a target slightly higher than this validation I level I mentioned, at 227.47, and we're almost hitting the first signal that got confirmed after the downtrend failed after the election. The blue box shows the downtrend signal that had confirmed 1 week before the election, for those curious, and the failure, with prices coming back above the mode, or most frequent price level from the top, triggered a short squeeze rally that pointed to $222. The last weekly uptrend signal can technically last until either we hit 227.47, or expire by February 24th, 2017.
In the background, you can see the long term uptrend signal target, at $251.18 to be hit by or before July 2018.

How do we trade this? If we close December up, we can easily expect to buy any dip on January/February. If we get a dip soon, we can take a shorter term entry again, but there's no entry yet. December FOMC might give us an entry on a decline, but we'll have to wait and see. Right now, I'd reccomend waiting, but don't close your active longs in profit, in equities.

Good luck,

Ivan Labrie.
Comment: On track, almost hitting the weekly uptrend target.
Comment: Correction's over, a 'sideways bear market' for a while.
Thanks Ivan, do you see bear market ended and bull market started?
Reply
IvanLabrie PRO keshavreddi
@keshavreddi, yes, possibly:
SPX: Breakdown of the downtrend, and longer term signals


See updates.
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out