S&P500 tracking a trend of bearish divergence on the RSI
Updated
Can't justify a crash without a catalyst, but perhaps we get some additional deals for Chanukah and Christmas, or perhaps it's profit taking under the pretense of those January credit card bills will be pretty steep.
Not short, just looking to put more capital at a better price, as always. Possible catalysts for more downside pressure - more government harassment of the "little darlings" of big tech, and the stimulus story. Possible even if stimulus is past, it might be a sell the news play.
On the other hand, we are near the bottom of a broadening wedge pattern near 3640-50ish, which is typically bullish in the short term should price hold in this pattern to the end of the week. Should markets run back above 3700, target of 3800 for end of year is very possible. I've heard and read several analyst numbers as high as 4K on the S&P500 EOY.
Truth is, no one has a crystal ball. So I buy with the understanding that the market exists to make fools out of everyone, but I buy with a long time horizon in mind.
Not short, just looking to put more capital at a better price, as always. Possible catalysts for more downside pressure - more government harassment of the "little darlings" of big tech, and the stimulus story. Possible even if stimulus is past, it might be a sell the news play.
On the other hand, we are near the bottom of a broadening wedge pattern near 3640-50ish, which is typically bullish in the short term should price hold in this pattern to the end of the week. Should markets run back above 3700, target of 3800 for end of year is very possible. I've heard and read several analyst numbers as high as 4K on the S&P500 EOY.
Truth is, no one has a crystal ball. So I buy with the understanding that the market exists to make fools out of everyone, but I buy with a long time horizon in mind.
Trade closed: target reached
Not sure if this will haunt me, aside from 18$ left in my USTFSA, completely out of USD on today's dip. Will see what happens next week, but I have a feeling that holidays will start to be more calm in the markets if this dip continues to get bought. Bought a few shares of PCI for diversification.
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