Fibonacci Retracement – Bear Market or Bull Market

By Andy Abraham of Trend Following Mentor

Consultant at Abraham Trading Consultants • Mar 6, 2016 at 6:07 PM EST

We are seven years into one of the longest lastly bull markets. Risks are increased…however most are bearish which is bullish.

No one really knows at this point where we are at in the stock market cycle. Everyone has an opinion….that is why you should not listen to anyone rather than yourself and have rules.

My simple rules are I want to be above a 200 Day Moving Average..We are almost there but not yet. More so I would like to see 72.90 taken out on the QQQ. I try to simply think. We are seven years into one of the longest lastly bull markets. Risks are increased…however most are bearish which is bullish…More so there was a bullish divergence at the lows….
It is never easy…that is why we trade with rules..

qqq

Disclosure:

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I may hold positions in these stocks mentioned in the blog.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts, commodity options or forex can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.