After Mondays trade, we had a very nice green day, but still again, I ask you to look at the weekly chart. There is nothing in here saying the market is about to crash!!!! Lots of moron newsletter writers are talking about crashes, fiscal cliffs, death crosses, what we do is actually look and study the charts properly, that is why we have been able to call the market very accurately this year! :-)
Have a look at the weekly chart. We are at 1430 on the SPX, and I feel that 1470 will be coming sooner rather than later. (Possibly even higher)
We also have divergences in the MACD histogram, and that is giving the bulls the edge they need. The Stochastics is also pointing to higher in the coming weeks.
|SPX Weekly Chart|
We have been having a lot of fun watching pundits and so called analysts say the market will CRASH and CRUMBLE, when the summation is saying that is not very likely. That is very dangerous.
Again since the 15th of November WITH THIS POST HERE, and also HERE we were giving lots of warning of a rally coming. The rally did come :-) and we were almost spot on. We still remain long, because the summation is still on a buy and looking strong, we feel this rally is not finished, and as above we are targeting 1470 in the coming weeks.
Let us enjoy this rally and then once we get to the 1470 - 1480 level, re-evaluate things and what the market is telling us.
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