Sometimes people can look at the same thing and see something different than someone else. That is understandable , since we all have different experience in life and different ways of looking at things. When looking at charts , experience and training your eyes to look for certain things can be helpful in seeing what others may not. So is the above picture just a random pile of dots? Or is it a runner in action? The answer may depend on your focus or how closely you look at it. Lets look at some charts...
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SPX- the markets have been resisting the pullback. I posted this yesterday
Is there anything noteworthy in todays chart of the SPX?...
Read MoreNot a lot has changed from the weekend report, so lets review the charts.
Nasdaq March 2
Certainly has had the bullish follow thru that I expected, right to 5000. Is it going to continue though?...
Read MoreIf you've been reading my posts here for a while, then you know that we caught some large Moves in Miners Dec through Jan rising out of their bases. When that move topped out, we switched to Energy from the end of Jan through Feb. While OIL sold off relentlessly, many of the energy stocks were forming sweet looking bases ( please see prior reports if you are new here. ). With both of those sectors, I have also kept an eye on the SPX, NASDAQ, NATGAS, etc. So what has caught my attention lately?
On Feb 24 - I called a likely temporary bottom in Gold using the charts below.
GOLD is in a squeeze with spikes along the bottom. This is a bullish set up
This next chart showed that GOLD was on a supporting trend line...
Read MoreSince I have 32 charts in this wkend report, lets just get right to the weekend wrap up and discuss future possibilities, shall we?
Feb 25 - I felt that the NASDAQ is close to a 'rest' here or near 5000, and then pull back.
Does that mean it's done and going to fall apart, or just a small pullback, maybe even sideways move ?...
Read MoreIf you've been reading here at Chartfreak for any period of time, you know that I really do try to listen to what the charts are telling me and leave any 'bias' out of the equation. We dont fall in love with certain ideas or stocks, we dont look at all things through rose colored glasses, and this helps us to remain flexible. With that in mind, I wrote a mid-day update yesterday alerting my readers to some changes I was seeing. Lets examine what changed and what else we may see changing soon. I posted this chart of GOLD -
GOLD broke out of a downtrend that I had been watching . I said that I became a buyer of Miners...
This doesnt indicate a long term trade is guaranteed, so let me point out a couple of reasons why it may or may not be...
Read MoreI want to share with you what I am watching in the Gold & Miners arena
Read MoreI think we're seeing the old squeeze play in action, lets take a look...
Read MoreJanet Yellen will be speaking over the next 2 days and everyone is looking for signs. Signs that an interest rate hike may be coming and what that may mean for the markets. So far most things seem to be business as usual. On FEB 12, with the recent break to new highs in the Nadsdaq (and then the DJIA and SPX) after such a long consolidation, I thought that we could get a melt up higher. A normal test of the break out also cannot be ruled out. I also called out a target of 5241 over time.
NASDAQ NOW
Lets look at what OIL & NATGAS have been doing...
Read MoreHave you seen any Ascending triangles? They can break out higher and they can break out to the downside. Here is one that broke out higher for example.
I'd like to show you another one...
Read More
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