WHAT I WOULD DO LONG TERM: IMHO there is absolutely no reason to buy yet. The recent price action suggests a high probability of a further decline to at least the 138.50 to 140 area. Have a great weekend!
Friday, November 2, 2012
THINGS STILL NEGATIVE
THE TRENDS: The long term trend remains up but the intermediate term trend remains down. As you can see from the weekly SPY chart, although the week closed slightly higher than last week, it closed lower than where it opened. More importantly, during the week price rallied to the 10 week moving average and then declined precipitously on Friday. This is very bearish.
WHAT I WOULD DO LONG TERM: IMHO there is absolutely no reason to buy yet. The recent price action suggests a high probability of a further decline to at least the 138.50 to 140 area. Have a great weekend!
WHAT I WOULD DO LONG TERM: IMHO there is absolutely no reason to buy yet. The recent price action suggests a high probability of a further decline to at least the 138.50 to 140 area. Have a great weekend!
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