Last night's SPY performance is as expected. The indicators have been pointing downwards. There is a relatively strong support at 1410 for the S&P500. Which means if it crosses below that price tonight, it will spark another round of fresh selling.
As it is, the Kijun Sen is rising, and that is not a good sign considering that the Tenkan Sen is likely to converge as well if the current price continues to dip. The price last night is at the threshold of dipping below the Kijun Sen. While it is generally bullish, it is now in bearish territory again.
However, I expected it to be bearish for this week. It should ideally touch the top of the Kumo (Cloud) tonight and then rebound. I expect to see a star formation appearing with the opening and closing prices to be very near to each other.
Well, let's see what happens tonight, if it closes below 1410, then the SPY is going for another bloodbath on Friday. :) Happy new year people. May it be a better 2013!
No comments:
Post a Comment