Yesterday saw the cash S&P500 form another uptrending bar. The price pulse upwards from the fractal low (blue diamond) and CIT (green circle) of 10/24 continues.
Yesterday I laid out some nearby Gann/Fibonacci clusters on the daily chart. The 1536-40 area doesn’t seem to have affected the market. However, a short-term low is due now and so I am still expecting some sort of hesitation in this upward run. It may only be a one day pullback or inside day but we should stutter step here. As always with the interplay between technicals and fundamentals, it is interesting to me that this low is due before the Fed announcement tomorrow.
Bottom Line: No change in the overall picture as I am still looking for an entry point to go long the SPY.
No comments:
Post a Comment