SPY holding on to the top of second cloud

3. Aug. 2014

I am using a 2 cloud setting, I am reading a lot about drops of 20 percent, however it may be one reason to "not listen" to he news and read the charts, prior drops have reversed on one of the cloud edges, so unless it blows by both clouds I will remain long for my long term, this may bounce back up to the 50/65 percent level, but only time will tell, I like how it held up Friday, closing in the middle of the candle. Overall the weekly and monthly charts still look to be in a hold. Enjoy the trading week ahead.