What a week we had last week and at it’s end we basically accomplished nothing but to un-nerve the markets once again. To weed out all the noise I just wanted to show you the weekly chart of the S&P500 and what you will see is a gradual climb out. Technically speaking it appears that we are in a down trend and only in time we will know what happens next. What needs to happen the next few weeks is to reach and close above $1356 which would break that down trend.
We currently have a new down trend starting that is actually running with the uptrend. What? I drew it on the daily chart and I marked all the current highs and lows so you could see them, but do not make to much of it yet. This week unless we stay completely between $1275 and $1226 we will have a new pivot high or low. So we will wait to see what happens but my gut is saying based on the weekly that we will go up for the first few days of the week at least. You just never know in a news driven market where we will end up day to day and some of the swings can be brutal. I gave away my entire growth this year in just 20 days, so I know first hand. To be discouraged accomplishes nothing so I will keep reading and making decisions based on what I see. Let’s see what happens this week.
I thought I made a G-30, C-35, S-35 transaction on the 24th, but it was actual what you see below. Close!
TSP Distribution: G-fund – 35%, C-fund 30%, S-fund 35%
No comments:
Post a Comment