1 month of slow movement. Great for the long term investor, not the right kind of volatility for the near term trader. One thing i feel is that everyone is waiting for some form of correction but it just wouldn’t come.
The signs of MACD divergence from the price trend is there. It have been there for sometime, but we need to note that this is a weekly chart and it could go on for sometime and it would be hard to figure out the short term signal. At best, we use this as a guide to how we want to trade in the short term.
Right now on the EWS, we have reached the 61% Fibonacci Retracement Level, and have broken abit off the downtrend line formed by the tops in this bear market.
Can it go on? I am very cautious on this. The trend is still up unless it breaks that trend, we look at 50% fibonacci level as a support.
The Spy is showing the same kind of divergence as the EWS but what is significant is that although not shown on the charts, the price is right below the 50% fibonacci retracement and the 200 day ema.I’m guessing an important week next week.
Ditto for the EEM
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