Monday, January 30th, 2017

Post Financial Reform Rally ?

SPX is touching 1100 which is an important level, if we close above that is very bullish. The market is looking much better now. But lets not jump into excitement. I have seen too many sell offs in the last 3 months when Financial Reform Bill was being debated around including a flash crash on May 6, 2010. Never forget what these institutional traders are capable of.

2010-07-23_SPX

The market wants to go higher, good news or bad news. DJI is now hitting its 200 day moving average and any close above will be very bullish. RUT is also above its 50 and 200 day and should close above to give a bullish chart.

All in all this “horrible market ” was due to the Financial Reform Bill and once that passed, there is nothing left for the market to produce huge red candles.

Many people argued with me about it, but you can now see the change in market behavior and psychology.

What do you think? Let me know…

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