Market Update – 14th November 2013

Just a quick brief market update of the S&P500.

Quite clearly we can see an Up Trend, as per the chart:

Market Update 14th Nov 2013

Until this changes you should have no reason whatsoever to be shorting this market – the proof just is not there that this market is shortable.

Have I been looking for and waiting for a Top – yes I have, but obviously I have been WRONG – what have I been doing then?

Well I’ve been trading my trading set-ups (yep I have a few of them) both on the long and short side as they set-up – good job unless I’d of lost a bit of money by just backing my hunches.

Gann said trade by rules, never guess – the rules show an up trend – even if it’s looking a bit messy.

The 4 Tops since May 2013 are Interesting and not that Bullish, although technically price has moved upwards so it is Bullish – The key is to watch the lows if the recent lows of August and October are taken out then things could be changing – until that happens though things are BULLISH.

The only way we’ll know what is going to happen next is by market action – let that guide you, If you’re not sure then just sit on the sidelines until you are confident.

Now I’ve posted this update cue a massive slide in the market!

Take care and good luck

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