SPY Deja Vu: The Matrix Bulls
Kay Kim | Jan 31, 2017 09:15PM ET
If you study the comparison charts below, you can see the similarity of the price-action sentiment with "Today" and "April - May 2014."
Matrix-bulls brewing something similar here to 2014.
I think if we can able to hold above that "rising support" and fill the gap at 229, that's a good start for this matrix to play out.
Second confirmation we would need is, clearing well above the 229.50ish and making another ATH, if we can do that, we may able to see "May - July 2014"-like bullish-movement for the next 2-3 months.
As you can see below once we cleared well above the 190, the move to 198 happened just in two months.
If we can able to clear well above the 229.50ish, I think we may able to see 240ish within few months. Can the matrix bulls do it?!
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.