SPX finally managed to close above the resistance line around 1185 and is aiming for the April high. DOW has touched the April's high and Nasdaq is already above that level. All this looks bullish on longer time frames. Weekly DMI while bullish is losing a little bit of momentum but daily DMI looks good.
On 60 minutes chart we still have a bullish EMAs crossing and price is above the rising 5 days SMA. This looks very good on intermediate time frame so I am holding on my longs.
As expected dollar moved down after Fed's meeting but surprisingly gold also moved down and looks like now is rather doing a lateral consolidation than moving up or down. I am basing this conclusion not only on EMAs crossing that is about to give (maybe) another "sell" signal but also on daily DMI that turned red for the third time in less than 3 weeks.
1217 area is game over.From there all down.No fantasy in this market.
ReplyDeleteAny scenario is possible, I don't make any effort to anticipate the next leg up or leg down, I am entering the market when the indicators scream "buy" then hold on my longs until they give me the "sell" signal. The same thing, but in reverse, when market is plunging. I am not good at drawing conclusions from fundamental data, that's why I stick with the technical analysis.
ReplyDeleteSALUT ,
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