As predicted (I know I am using that word a lot!), the SPY entered into another bloodbath last night. The ichimoku charts this morning showed a huge bearish candlestick. OMG (oh my gosh). Sorry, I had to say that.
It is now officially into bear territory. The closing price for the SPY has pierced below the support that I was talking about the other day. I was hoping that the price will not cross below 1410 but unfortunately the terrible has happened, and it is now officially into the Kumo (Cloud). The Kijun Sen and the Tenkan Sen is trending towards convergence, and if it does indeed converge, then it is a strong bearish movement, and could possibly pierce below the cloud.
However, historically, it hasn't drop in this manner all the way, so in a sense, I have a strong feeling that come next week, it is likely to be a sideways movement, at least until JanWk1. The SPY closed at 140.03 with a drop of $1.532 USD. Hope nobody got assigned this week. :)
Blessed New Year! Let's look forward to a profitable 2013! :)
No comments:
Post a Comment