Last week I identified the 1410 resistance level. Throughout this week the bulls and bears have battled it out at this level. Within the last two days it looks as if the bulls have broken through the 1410 resistance level. Take a look.
When I took a closer look using the 60 min chart I found some negative divergence which indicates a bearish move for the upcoming week.
However, the bullish breaking of the trend line of last week gives me an eerie feeling that we will see more bullish activity. Possibly all the way up to 1430. Only time will tell.
Due to the lack of conviction for the direction of the market my money is still on the sidelines until the market drops below 20% or until and bullish trend is established.
What direction do you think the market is going to move?
Here’s to Our Wealth!