LONG TERM TREND: Last week was a pretty uneventful week. When looking at the attached image of the weekly SPY you'll notice that prices made higher highs only to settle slightly lower than the previous week at 134.36. This is not unusual price behavior right after a very strong week up. The trend remains slightly bullish/neutral on a long term basis. I still believe that there is a very high probability that the 137 level will be tested before the market decides what to do next.
SUGGESTION FOR 401-K: I am remaining in the market but would not recommend establishing new positions at this juncture until we see what happens if and when the 137 level is approached. Next week I will start incorporating my model. A few final programming bugs need to be ironed out yet. Have a great weekend everyone!
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