Well we have a week that we see correction. I have no new open positions this week, but there are over hanging clouds on the long term the way i see it.
Fibonacci retracements are abit freaky in the sense that they serve as good gauges of support and resistance but ask me why this is the case and i have no answer except to tell you to go ask Leonardo Da Vinci.
But there at the 50% retracement from the fall of the bear market we are starting to bounce off. I was correct to say last week that if we bounce off this level we may be in a bit of an uncharted territory. With a 200EMA also there and failing to move to clear it and an MACD (white and red histogram breadth indicators) that is showing divergence I would be rather careful to enter any trades here.
Same case for the MSCI Singapore ETF although its at teh 61% level.
Ultra Short SP 500 ETF Weekly
Some thing tells me i should really punt this.
Notice that we have retraced to the 26 EMA which have seen previous effective bounce off. MACD histogram seems to be heading down still. If this bull is strong it should see a bounce off and head higher here, but if it fails the next fight will be at $97 dollars, then $95.
The momentum is waning in the short term. You need some shot in the arm to ensure that the short term bull gather pace. I think it is unlikely to happen
It looks like a week where we will still consolidate further. I would be cautious to trade, won’t even open any long term short ETFs. Its still hard to call.