The S&P 500 made it 8 weeks in a row that the up trend marched forward. Inside of the 8 week trend there was one week that it was actually down for that week. As a trend trader you do not fight the trend but follow it. But you also become more and more cautious that a correction will happen sooner or later. No market goes straight up. Just ride it as long as you can and get out when required.
Taking a look at the Weekly chart all three items on the chart are in good shape. Price is rising, RSI is rising, and the A/D line is still moving up. The gap between price and 30 week ma is 65 points or 5.5% and shows we might be a little overheated, but by itself is not a trend stopper.
The Daily chart shows price fighting to break resistance of 1173.57 and on Friday, the last day of the week, we traded the entire day above that mark and closed above the mark. I still see nothing stopping us from hitting $1222.00. The RSI is rising and above 50 and the only item of concern here is that the MACD is slowing down and may be rolling over. This could also mean that we be facing a correction. In conclusion the S&P had a decent week finishing up 7 points. I will stay invested in the C-fund
TSP distribution: C-fund 35%, S-fund 35%, G-fund 30%
No comments:
Post a Comment