S&p is going up, simple. Well to be honest, I dont have the guts to get long at these levels. I am waiting for some sort of a pull back to get in.
Below is the daily chart.
I will be willing to take some position around 50 day MA when the pullback happens. It sits around 1280 now, and 1271 is the level market bounced from the previous pullback.
In the weekly chart below , 20 week Ma will be the first support. It is around 1242 at the moment.And the big support is the 200 week Ma which is almost intersecting with 50 week MA around 1180.
The 2nd red line drawn as the next big resistance in the picture is around 1436.
Well , i expect a European debt story to challenge the markets in the coming month but shorting the market is not the best option. I am long the vix turbo for that matter. I am playing with turbos trading commodities and currencies at the moment.
Cotton is building up a very interesting opportunity to short. Silver might be breaking to the upside for the 2nd leg! Eur/chf looks like continuing the down trend.
Below cotton daily chart
And silver daily chart.
Also check out the eur/chf weekly chart.