Indecision - SPY

Like the fiscal cliff debate in the US capital the market can't seem to make up it's mind. Yesterday there was a big reversal, but today there is indecision. The candlestick pattern of a Doji Star occurred today, it marks prices both higher and lower than the open, but finishing in almost the same position…a mark of indecision and a potential change in trend. The trend line on the weekly chart was clearly broken this fall, and the market is waiting for a resolution from the US government. Hard to tell which way we are headed at this point, the trend and patterns aren't great but the RSI and MACD are pointing up. To me it feels like this market can move lower….

Royal Bank (RY) has taken a bit of a beating the last couple of weeks, but the past 2 days are showing some encouraging signs of a turnaround. Yesterday the candlestick formation was a doji star, this can indicate a change in trend. The market trades higher and lower over the course of the day but end up in the same place it started, this shows some market indecision. Today the candlestick pattern was a hammer, this can be an indication of a new bullish trend beginning. The market trades down during the day but finished higher than the open and closes on a high. The RSI (at the top) is also showing signs of bottoming and reversing. See what unfolds this weekend (middle east fighting/politic in the US) and be ready to act on Monday.
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The chart looks interesting. A double bottom has formed, or also called a "W" pattern, and there has been a break above the top of the "W". There is still the gap to close from in September, but as the US election is settled this is looking interesting. There appears to be renewed interest in the USD as a safe haven. I would still like to see UUP get above the $22.30 level to close that previous gap down. UUP is a bullish trade on the USD against a basket of securities.