Friday, December 20, 2013

US market outlook

S&P is above 1800 again, currently close 1810. SPY is the Exchange Traded Fund you can trade in NYSE that track the S&P500 index. Currently SPY is above 10ma and 20ma, for the past few occassion, SPY show good sign of uptrending when price is above the 20ma however some may see that it is facing the resistance now but if SPY is on an uptrend, resistance is always broken (if you see the past few breakout). A better sign for profit taking could be looking at the RSI (14days), currently RSI is showing 60, there could be further upside for the US market. Risk is a stoploss if price close below 1785.
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