8 Aug 2021, 14:47
The S&P 500 Index has been in a sideways trend since the start of the month. While we were expecting stocks to make a correction, since we are pretty near the blue channel resistance in the picture, it moved sideways during the week instead. This shows that there are still some confusion among the investors as they are not prepared to take a definite direction yet. However, the index still remains inside the channel range. Therefore, the possibility of a downwards movement is still huge.
Therefore, be patient. The stock market could still go further up. And, we should only look at finding opportunities to sell some stocks that we hold and take profit. We are not seeing any good signals to buy in any new stocks right now. So, we have to be patient for the market to make another correction.
Now is not the time to buy stocks! But, enjoy your long weekend!
Happy National Day to all Singaporeans!