Monday's performance on the SPY is not exactly what one would call exciting, and in a sense, it is pretty sad to say the least. Why would I say that? Well, here we have a perfect opportunity for the SPY to burst out of the dole-drums that it seems to be experiencing, and pierce itself through the Kumo (Cloud) but that has not yet happen. In fact if last night was the bull run of 2012, then it would suitably be an apt finish to the rather down market action year.
Okay, so maybe I am exaggerating a little. It isn't all that bad considering that the market was climbing all the way up since leading to the US Elections. But now post Elections, it seems there was a slight correction with news of the impending fiscal cliff a couple of months ago and Europe's worrisome worries. Of course they all knew that, or is it as a result of finding nothing worthy to report after the biggest event of the year is over? Maybe.
Anyway, who cares really?! Obama has won, and the other guy has lost. That's the nature of the game. One winner, and the other did not win. So what now? What do we expect from the markets? Are we on the slow road to recovery now that the working class has spoken with their voting slips? Or are we in for another shaky ride? Well from the look at the ichinoku indicator above of last night's performance. I am quite pleased to say the least.
The SPY is on a slow uptrend climb. It only managed a fractional increase last night (or evening, depending on where you're located). That might spell some bearish sentiments for tonight though. The Tenkan Sen and the Kijun Sen are now moving in parallel to each other. It's a sideways trending pattern if you ask me. Still bullish, but weak, so maybe as it approaches the Kumo (Cloud) we might begin to see a trend breaker, maybe, it might burst into life and become a shooting star.
Get ready folks, it's time. :)
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