-
Published on Aug 16, 2016
The
S&P 500 did pullback a little bit during the day on Tuesday after
forming a shooting star on Monday. However, this is more or less going
to be in reaction to the psychologically significant 2200 level that was
reached during Monday’s trading, so therefore I think that this
pullback is probably just another attempt to build up momentum. Most
certainly, there’s nothing on this chart that tells me that we should be
selling this market, and I am a buyer over the longer term. Notice that
over the last several weeks it’s been fairly choppy and I think that
will continue to be the case. It’s going to be a slow “grind” higher,
and therefore it’s going to be very difficult to hang onto position
unless you simply “hold your nose” and play along.
No comments:
Post a Comment