Market Updates

Market Update: May 3, 2016

It’s been awhile since I’ve done a market update because I have been very busy with some other things in my life, but I won’t get into that. Life can get crazy and mine certainly did.

But today I want to get back on the horse with a quick market update to see exactly where we are at.

So without wasting any more time — let’s look at the charts.

HOURLY

spy 60 050316

Solid back and forth sideways action on the short term chart as we bounce around ina  range looking for direction.

DAILY

spy daily 050316

Here we have a pullback to the recent breakout level at the 205’s.  This rally took a lot of people by suprise, including me, but when the market is pointing up, it’s pointing up.  Remember, it’s not our job to predict the future.  Luckily.

WEEKLY

spy weekly 050316

This has to be the most incredible chart.  The weekly.  And that massive uptrend since 2009.  How long can this hold?  i have no idea.  It is completely insane though to think this is the 6th year of an uptrend.

TRENDS

  • Hourly – Sideways
  • Daily – Up
  • Weekly – Up

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