In case one couldn't tell , "It's A Fed Thing". I thought that maybe it would be a little quiet leading up to the Fed declaration on Wednesday and then we'd see a little fireworks, but its a Fed Thing. Things started shaking up long before Wednesday. Lets take a look.
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SPX WKLY - from the weekend report, the weekly looks a bit bearish.
SPX DAILY - from the weekly report. I did mention that we could bounce off of support, but will it get that far?
Todays reversal looked quite convincing, so has my thinking changed?
Read MoreI'm not one to blame news events or market manipulation for all of the moves that the market makes, but this Fed decision is likely already one that is affecting the markets. The charts are showing signs of change, so lets dig deep and see what we can find.
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SPX WKLY- DO you see weakness in recent weeks in our 'Bull market'?
Pullbacks of 10 % can be healthy in a bull market, but lets take a deeper look...
Read MoreI just wanted to post a couple of quick thoughts before the weekend. I will post a couple of charts from yesterdays report, because nothing has really changed there, and a couple of new ones.
WTIC - This chart is from yesterday. That swing low did not hold, and I do not believe that it was a dcl that failed quickly. I still expect a bounce, but I think that would only be a Dcl, not an ICL in my opinion. After yesterday we are under the B.B. again. DCL soon.
Read MoreTuesday was a little like watching paint dry in the markets. Not a lot has changed, but it is important to watch how the various sectors set up going into the Fed Mtg next Wednesday. How they approach that Dec 16 decision might give clues as to which direction the next move will take.
SPX - This was Dec 7 and the markets dropped a bit, but remain above the 50sma for now.
SPX - Tuesday it is still holding the 50sma, but at this point I see signs of internal weakness , not strength.
Read MoreHave a plan, and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic. Remain as calm as possible, take action if necessary. These are my rules for walking the Serengeti and Trading. 🙂
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GOLD BOTTOMS -
Lately Golds lows have been hard for some to hold. "Have a plan and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic...."
More on precious metals later
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SPX - It will be interesting to see where we are on Dec 15th. This could break down or form a triangle here.
Read MoreAfter this weekends report, I wanted to look at some charts of stocks for buying opportunities. The theme chart above was an older buying opportunity that is now a bit extended. It may pullback and offer another low risk entry, but here are some current opportunities...
Read MoreIt's what we at Chartfreak have been expecting, but I think there could be even more to the story 🙂
More later in the report, lets review all market sectors first...
Read MoreThe Precious Metals markets have been tricky lately, selling off to new lows day after day. There were clues along the way that were foretelling the big move that we see today. You can read my last report here under the public blog to see what I was looking at and expecting. This update will give add recent charts used in this weeks reports.
GOLD DEC 2 - Prices kept hitting new lows, but the Miners were staying above their 10sma. I was pointing out that the rising MACD and the C.O.T. report were actually just a couple of the Bullish signs indicating that soon Gold & Silver should rally higher.
This is the GLD today
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