Wednesday brought along some changes, so let’s take a look at what we have…
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LONGER TERM VS SHORT TERM
SPX #1 – We are due for a DCL & and ICL in the bigger picture, so I had posted these charts on May 4th showing possible ICL targets …
And MAY 13th for the weekend report, a possible dcl target
However, shorter term the markets have been very strong & BUY THE DIP mode kept kicking in, so I actually looked for 1 more push higher.
SPX MAY 17- However this looks like time is up. That drop into the next dcl is likely taking place
This adds to the story…
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This mornings futures show the markets down a bit, but they have been holding up well lately, especially the Tech area. Let’s do a little pre-market review…
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SPX chart from Yesterdays report. We are still due for a dcl, but the pullbacks have been shallow.
I like to use the NYA too, and this is a bullish set up / consolidation so far. If it continues to hold the 50sma, it remains bullish looking .
We also have been keeping an eye this…
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SPX – They just dont sell it off for long anymore, do they? New highs.
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Another week has passed by and many of the recent trade set ups like MACK, NAK, VSTM, NATGAS, etc mentioned are enjoying their following through. We also remain on the watch for that next big set up in Precious Metals. let’s take a look…
SPX WEEKLY – Timing wise, the markets are due for a dip down, That doesn’t end the bull, you can see these are normal dips to ICLs along the way. The MACD gives this more of a double top look too.
The NASDAQ ( QQQ here) has been very strong and earnings season hasn’t stumbled it either.
Look at this view and you’ll see that it looks very similar to the Parabolic blow off top in 2000. This ending is not out of the question. Let’ s just take a closer look at that time period.
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That sunset sure is a beauty, and this chart below is also a beauty to many of us that went long…
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NASDAQ – The NASDAQ continues to climb that wall of worry. If you were long, a trailing stop may work out well, this is now another right translated daily cycle in a Bull Market. As shown in recent reports, Some stocks are doing well with earnings, and others are getting crushed. Add NVDA & TSEM to the ‘doing well’ group. Yelp & SNAP to the getting slapped group.
This is a reminder – This was my My February thought showing a possible parabolic blow off top . The pattern is similar with a sharp sell off and then a ramp higher.
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We do see some changes occurring in the markets, so let’s discuss them. They may be just temporary or they could last for a little while, so we will discuss that too.
SPX – This was an engulfing candle, but they bought it back toward the end of the day. Could this be the start of the dip into a dcl?
IWM – I like to use the Russell 2000 and the NYA to get a better picture of the general markets. We see the 2 gaps have already filled here, but the stochastics is still not oversold and therefore more downside is possible.
NASDAQ – The NASDAQ , which has been very strong, also seems to have put in a topping candle, so we could see some selling in the markets going forward.
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Todays report will be short and sweet, there is no need to cover ‘everything’ after the weekend report, but it does still include over 20 charts to cover a number of ideas, some new and others that we have discussed in prior reports.
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Keeping in mind that we have the French Elections on Sunday and the results can cause a short term reaction, let’s review the market action from last week and our current expectations.
SPX WEEKLY – The SPX finally broke to new highs last week ( We know that the Nasdaq has been running like a bull).
SPX – The SPX will be due to drop down into its own ICL soon. In the past the 200ma has been rather reliable as a support. Since the 200 is rising, maybe the SPX will see 2300? As you can see from previous drops down into an icl, a drop like that can take a few weeks once it starts to roll over. “Sell in May and go away?”
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Lets get right to the report…
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