January 7th, 2017 09:01
We wish a very Happy New Year and prosperous 2017 to all our followers and trader friends from all of us at Alpaca.
2016 was a tremendous year for Alpaca as we’ve continued to improve our products and make them available for traders of all levels, especially you! Our goal is to make it easier for everyone to trade/invest in stocks. Several new features have been released over the past few months including more indicators and candlestick patterns, filters, the “watch” feature and performance page. We are building these products for you, our early users, and your feedback has been key to our improvements as we enjoy learning about the Alpaca experience from traders across the world. Please chat with us at scan.alpaca.ai. We love to know your opinion.
And now, let me introduce myself, I am Danielle Spandau, Director of Marketing and Community Operations at Alpaca. I have been trading stocks for many years and will be sharing my own market thoughts with you regularly on this blog.
The SPY set a pretty strong level of resistance back in August of 2016. That sent the index on a slow downtrend, but it put in a solid bottom following the Presidential election in November. It’s been on a veritable tear ever since, moving up while establishing healthy pull backs on it’s path. The most recent pullback which began on December 14th, created another smaller level of resistance at the top of its triangle, setting up a bullish descending wedge. On Wednesday of this week, SPY broke out of the resistance line in that wedge. It followed this move with a doji and has put in a bullish doji sandwich today. Bottom line? SPY continues higher.
In light of a new administration in the White House and a very different forward looking agenda, it’s impossible to know what the market will do after Mr. Trump’s inauguration, but for now, it continues to be bullish. Personally, I intend to reduce my long exposure leading up to the inauguration until we see how the market reacts to new policies set by a unique president. I prefer to trade the market as I see it rather than rely too much on what I think. But I am risk averse, and while I see a continuing bull market for now, I like to avoid large unpredictable events.
The author, Danielle Spandau is a seasoned trader/investor also known as The Trading Wife.
All information and/or opinions contained herein are impersonal, for informational purposes only, and do not constitute a solicitation or offer to sell securities or investment advisory services. The views and opinions expressed in this article are those only of the author(s) and do not necessarily reflect the opinions of Alpaca. If you are considering making an investment, you should consult with an investment professional.