It's been a while since the last update, being overseas (I've lost count the number of trips I took) and serving the nation.
I was glad to receive many calls in the process, asking for my views on the market etc, and am heartened to know that all of you found the market updates useful.
The past few months had been a humbling experience for me, missing the 1st quarter of SG / US rally, which could have potentially increased my portfolio significantly by another 20-25%, and having to cut loss on a couple of trades when the pullback wasn't deep enough. Well, shit happens and I will just wait for the next opportunity.
Let's get down to it.
STI trend reversal occurred and has formed an uptrend. Recently, it has broke up out the 3,186 region and climbing higher.
What is going to happen next?
I am looking for a pullback or consolidation to form another higher low, followed by another
At this point, traders should look to ride their existing long positions and wait for STI to test the support at 3,186 region or consolidate sideways to build up strength for the next run.
DJI and S&P
From the previous monthly update I did, the pullback I was expecting did occur. However, it wasn't deep enough as I liked it to be. I had to close on a few short positions and proceeded to open a few long (buy) positions to ride on the uptrend.
Those who have been tracking the global indices would know that most of the indexes have hit resistance / recent high and are attempting to break the resistance.
What is going to happen next?
- I am hoping for Dow Jones and S&P to consolidate near resistance as shown by the resistance lines drawn on the chart, followed by a breakout. Alternatively, we will see a pullback to gather strength and buyers in an attempt to breakout of the resistance.
- Dow Jones and S&P may trade sideways range bound.
Stock Portfolio on $10k Challenge
I'm sure most of you will know by now, that I have a portfolio for Income Investing to build up my passive income stream, and another portfolio to test my swing trading system.
For now, I will stick to uploading the $10k challenge on Trend Trading.
As of 8th May 2017,
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