$SPX & SPY positive close for Friday, Nov 1st
SPY/
SPX managed to close above what I consider to be key EMA's. But the work is not over SPY must get back above the recent intra-day highs from this past Thursday and then above Wednesday's swing high. For SPX the first high it must exceed is 1768.53 and then 1775.22. IMHO, these highs should be taken out early next week in order to show and prove that SPX wants to and can go higher.
The market is clearly not sure how it wants to deal with potential taper of Fed funds but for now, withSPX above these key EMA's the benefit of the doubt is with the long side trade. Until proven otherwise, IMHO, of course.
GL
SPX managed to close above what I consider to be key EMA's. But the work is not over SPY must get back above the recent intra-day highs from this past Thursday and then above Wednesday's swing high. For SPX the first high it must exceed is 1768.53 and then 1775.22. IMHO, these highs should be taken out early next week in order to show and prove that SPX wants to and can go higher. The market is clearly not sure how it wants to deal with potential taper of Fed funds but for now, with
SPX above these key EMA's the benefit of the doubt is with the long side trade. Until proven otherwise, IMHO, of course.GL
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