Well we have another week where the market seems to inch higher and higher. The week ended off with a 0.3% fall at the $spx.
It looks like the USD is still attempting to find some kind of short term bottom. MACD histogram getting shorter and shorter on the down side.
The negative divergence on the weekly eem charts look to be casting dark clouds. Bulls will hope that the area at 34.5 are defended successfully. If not it will be 32.5 area. i wasn’t able to draw Fibonacci since my windows pc went down, so i cannot tell which retracement level to watch out for.
The long term trend is still up but this leg up is aging.
it would seem that all markets mirrors one another, just tat this time around the emerging markets looks to be leading the us market.
Same goes for the Singapore Market. but it seems it is going to make the correction first then the other 2 markets.
In contrast, GDX looks to me long term wise that it will continue its ascend upwards. The wedge it is forming on the weekly indicates that the big move will be vicious.
Short term correction could be underway. Lets see if 35.5 holds follow by 34.5.
The stochastics seem to be crossing but signal have not been given. in contrast MACD histogram seem to indicate we might have some more to climb.
Putting a price channel on the daily GDX might be able to find a channel trade. I still have not gross over the loss in exchange rates that i suffered trading as a Singaporean. so perhaps i will not trade this and stick to Singapore market for the time being.
All signs shows that people are wondering if this market have what it takes to go higher. Right now its time to be more cautious and watch signals to see what will unfold.
I will be looking for opp to take profit on my trades.
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