JanWk2 has come and gone. It's a significant week for me because I have a new addition to the family, and that has taken my mind off the SPY for a week. Well if you have been following my journey, then you would also know that family is more important than investment. ;)
The stock market will always be there, but our children may grow up while we are busy chasing after our pipe dreams.
So I said all that to say that I have about an hour to update all my blogs, and here goes. :)
I had suspected that the SPY would go into a dip, but it has continued in a surprisingly interesting manner. The norm would be that the SPY continues its upward trend, simply because the forecast has shown that the SPY is likely to go upwards. So that's the trend. But I am always looking for signals that would buck the trend, and it seemed like a likely signal from the looks of Monday's performance that something major was going to happen.
Today's Saturday morning in Singapore and looking at the SPY's performance last night, it is all very interesting.
The last 4 days of trading has somehow straddled the Kijun Sen and the Tenkan Sen in a bind movement. The two moving averages have been moving together, which is quite interesting. That to be is a sideways movement, neither showing a breakout upwards or downwards, so in a sense, it could still buck the trend next week with a huge drop, or it could carry on its upwards climb.
Last night it ended with a crosshair, the opening and closing of the SPY was at the same spot or fairly close. This to me just means that it is at a crossroad, the market is is still in indecision, and it is very near the all time 52 week high of $148.11 which occurred on 14 September 2012. The market closed at $147.07. It is not much more to go to test the upper limit, and once it breaks, then it is going to enter into uncharted waters.
Exciting days ahead, no trade this week as it was an uncertain week, but I think next week, will show us what I have been looking for. A trade. See you people. :)
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