08.20 am Amsterdam
S&P future is trading around 904. I got in the market around 885-890 and made some decent profit yesterday. The question is , 'How much further up can this move go ?'
Well, technically speaking the uptrend is broken once again, but we can draw another up trend line with a lower slope. Also, there is this thing about golden cross where 50 day moving average crosses 200 day moving average. Well it happened, so can we say we will just go up?
I dont believe it. Right now, as mentioned couple of times already, I believe we are in a chanel again and this time the borders are really strong. The widest the chanel can get is 880(875)-970. A confirmed break through from one of these levels will take the market in that direction. But for mid term I dont expect a real up move beyond 1000.
Right now, my feeling is slightly bullish for the short term, mid term neutral, long term bearish.
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