Observation for last week (22 -26 Jan 2018)
- Continual strength is seen in the SPX as companies enter into the incredible earnings season.
- Buyers are seen buying up at every opportunity pushing SPX 63 points higher for the week.
- Do also note that VIX did not drop much despite the huge rally in SPX.
Observation for Coming Week (29 Jan-02 Feb 2018)
- Possible some profit taking in the market with FOMC statement in the week.
- Continue to take profits off long positions after huge rallies.
- Guidance for the companies’ earnings have been great and any retracement in SPX may be shortlived
- Debt ceiling / Budget negotiations are getting closer to a deal.
- Immediate SPX support to be seen at $2,835.