Well done! Bull! and welcome back, if you plan to stay for long. I have been keep saying that I am not trust this bullish move, and having a short bias sentiment towards the market, guess I was just trying to be a contrarian, not a good one apparently. The resistances on SPY, QQQQ and XLF are all broken on Thursday with strong upward strength and volume. It took me by ’surprise’, more of a disbelief. Good thing was, I didn’t have any short positions for swing, was mainly doing some day trading.

As the economics report and employment data are better than expected, seems investors are pretty opitimistic and feel the bad things are behind us already. Since the inflation is inevitable, why don’t inflated the market too, as least money can be made here. Well, the market might be inflated, but I don’t think the bad things are behind us right now. So if you are riding or planning to ride this uptrend, be careful, and don’t take full positions, and pay attention on the resistances on the way, watch out for the test on supports. Based on the indicators, there will be a pullback coming, and I will observe it closely. The following are the charts for now:

1.  2.  3.

1. SPY: The 140 level should act as support now, and there is very high possiblity that it would be tested next week, I’d like to see it holds steadily and back up again in order to confirm the bull. If 140 level fails to hold the selling, we will look at the green uptrend line, and the support at 137 level. The resistance now sits at 61.8% Fibonacci Retracement around 144.36. I doubt it will go straight to that level, but I could be wrong. Will see.

2. QQQQ: Qs is still the strongest among the three. All indicators show in the chart are bullish. The nearest resistance is around 49.70. It doesn’t seem that far away, might be reached in a day. The next resistance is around 50.80 level. I would like to see 48 level be tested first, before it go up to 50ish.

3. XLF: The financial also broke the resistance at 27, and seems going to heading higher, as two of the three indicators showing bullish signals, however the money flow doesn’t look that great. Next resistance is around 28.78, the 50% Fibonacci Retracement, and the 200-day EMA is sitting at 29. Supports are on 27 and the green uptrend line. Will see.

Next week doesn’t seem like a very hectic week, it might be a consolidating week, so careful and patience. I will write a new post for update if necessary.

     Good Luck and Happy Trading :)