SPX went up another 4 points today but on decreasing volume. Bulls should be happy even with these small gains but the fact that SPX continues to make higher highs on decreasing volume is not exactly bullish at least on short term. Price is above both EMAs and you already noticed that in general it touches EMAs and even goes bellow them and finds support around SMA 120. I won't be surprised if we are going to see a small pullback here.
Just to let you know I cover my shorts two days ago when SPX moved above November 8th high. I didn't want to take a 15 points loss and I ended up taking 40 points loss. EMAs actually did a pretty good job the sell signal was around 1,200 and the buy signal around 1205, only 5 points loss. I closed my longs at 1200 but I hesitated and went short next day around 1190! It is not the first and probably not the last time I am doing this kind of mistakes. We are human and emotions interfere with our judgement especially when is about our hard earned money. Ce la vie!
Dollar is still bullish but volume is also going down.
Emerging markets look pretty bearish on short and intermediate time frames, except the Russian one. The most bearish is the Chinese market but the Brazilian one is not far away. Yet all of them are still above SMA 200.
Many thanks to those of you who clicked on my ads today
Many thanks to those of you who clicked on my ads today
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