Down swing is expected, however a north - shot is possible. Details are on the chart.
I see two wedges of resistance that if can't be overcome could lead to the downward correction. I will be watching the price movement closely and if close below that rising wedge support I will strongly consider going short SPY. Andrew Thrasher at SEE IT Market has highlighted some interesting anecdotal market cycle that has its next significant milestone on May 11th.
The ECB will release their decision regarding stimulus tomorrow with reports already emerging that there will be 50 Billion Euros worth of stimulus released per month until the end of next year. Their final decision will probably be one of the most important factors to determine if this bull market to continue. If their decision is taken negatively, then the...
Goldman Sachs is a short to me here on the daily for a quick short. I'll disclose now that on the Weekly chart I am long based on the giant indented head and shoulders and the smaller head and shoulders that makes up the right shoulder. That is in my IRA however, as I do not purchase stock (writing covered calls) in my trading account simply because it ties up too...
Will ECB take any action today and bring the euro down, or will let it burst above 1.4000. From the technical point the price has drawn a Rising Wedge which broke the down trend line. This along with the negative divergence on the 28 periods RSI give a strong sell signal. A break below the lower line of the pattern would be a good confirmation for the signal. If...