Good morning and a good start of the week to everyone.
Our comment of the day is based on the rise in
US Stocks after Bernanke’s premarket comments.
The head of the Fed has signaled that the
central bank is committed to a monetary policy that’s helped buoy stocks for
three years. Many experts are expecting another round of QE
coming up soon.
On the 60 minute chart of the Standard &
Poors 500 index (SPX), we can see how the index is riding Wave 5 on the Elliot
Count after a breakout. Good choice on those who decided to buy below the 1400
mark which has proved to be a good support.
Should the buying mood continue for a few
sessions, we could see another 15 to 20 points up this week. After that, the bull trend should stall for a
few sessions allowing for corrective wave A to come and resume another mini
rally.
Our first mark to follow is the 1415 level.
After that the index could shoot up further allowing the bulls to enjoy their
ride.
Trade safely. Trade with discipline.
@AmarDaryanani
No comments:
Post a Comment