Top Notch Tops – Strategy Tips

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(The images below are a sample of Alex work and are to provide a little education on understanding tops in a market or asset) Like most things in technical analysis, spotting a top is as much art as it is science. When you see a top, it doesn't mean it is time to run for the hills, take all your positions off the table, hyper leverage shorting the market or throwing computers out of windows.  NOPE!  It just means you need to be extra cautious with your trades, you probably should take some profits, de-risk most of your positions, tighten stops and don't take on long positions on a large time frame. Here are some clues that the market was likely to experience the sharp sell-off we experienced last week. (From 10/13/18)

SPX WEEKLY - I've been looking for a drop into an ICL , similar to January.  There it is, read the chart, and there is more..

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October 18th – It’s Still A Rough Ride

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The release of the FOMC Minutes really didn't seem to have any meaningful or lasting reaction in the markets.  It may have added a little knee jerk reaction or volatility, but overall there was no big directional change.   Let's take a look at our markets, and again, there really are no major changes from yesterdays report to discuss, but we'll still review what we have...

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SPX - I have been looking for a steep drop and an ICL.  We have that steep drop and a reversal after the 200sma was taken out, so this could be a shake out.  It is a swing low, and yesterday I said that this could be bought ( TQQQ or UPRO, etc) however...

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September 17 – Slidiing

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Note:  FED MINUTES are released at 2 p.m.  Wednesday.

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The General Markets stopped sliding, yet 1 day before medical & recreational marijuana is to be legalized in Canada -  Pot stocks decide to slide.  Is it going to be the typical  "Buy the rumor, Sell the news? " in that sector?  Is the rally over?   We'll take a look at that too.  Lets take a look at the market action...

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NASDAQ - This ICL drop was steep and broke the RSI below 30, unlike  the Feb & March drop.  This reversal could be bought at a low risk low,  but ...

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Tuesday- Things Are Looking Good

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The weekend report covered the Big Picture, so today will cover some of Mondays action and what we can expect from there...

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Weekend Rejoice! Oh, I Guess I Mean Weekend Review

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We are all well aware of what happened in the markets this week, and really it is what we have been waiting for and discussing in the Big Picture Views for a while.  That said, we now have a lot to look at in this Big Picture Review.  Read each chart carefully....  To the charts!

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SPX WEEKLY - I've been looking for a drop into an ICL , similar to January.  There it is, read the chart, and there is more..

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Thar She Blows Matey!!!

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Thar she blows is right!

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GOLD - We have been expecting this kind of 'recognition day ' for a while,  so Let's discuss this BURST higher in Gold and Miners...

GOLD climbed  $28 on Thursday, and it was pretty much steady and straight up.

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The Warning Signs Were There

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(Below is a snippet of Alex’s work from the last week and the major US Indexes)

We all saw the major decline in the US Indexes and equities on October 10th. Were you prepared or caught off guard?

From Thursday October 4th:

NASDAQ –  Each morning I wake up and Futures are a lot higher, giving the idea of another bullish open, but The NASDAQ remains choppy really. All of September to now was sideways chop.

 

SPX –  The SPX is pushing along the upper B.B. Band and is also sideways and choppy lately.  The MACD is dropping.


And…
From October 10th (before the market opened)

JUST A HEADS UP : NASDAQ – I did mention the need for a stop after going long though, in case it is just a back test, rolls over  and something uglier develops like a deeper ICL.

So now what do you do? Remain calm, let the dust settle and wait for optimal entries.  Have you taken a look at precious metals or commodities?   https://chartfreak.com/2018/10/a-golden-bull/

Please consider a membership and you’ll find more great charts and opportunities to trade.

Chart Freak Membership

Alex has been successfully writing a daily newsletter service for nearly four years now and is considered one of the best traders of precious metals miners, energy/uranium stocks, and biotechs.   This is your opportunity to join his service as a member and follow along as we enter the next bullish gold Cycle higher.

If you would like to find out more about the service or sign up, please click the buy option for more details.

Thursday – Hanging On

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I have been mentioning that the markets were due for a drop into an ICL, and I used this chart to show the potential downside -

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NASDAQ AUGUST -  I thought that we might run to the top and then drop into an ICL just like the drops we saw in the beginning of 2018, and ...

 

This chart looks to be a lot of what I was expecting, but I wouldn't just jump in here.  The NASDAQ broke & closed below the 200sma. Even though this could be a shake out, there is no need to try to catch this falling knife. We'll monitor it along the way.

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October 10th – Nothing New Here

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We really didn't see a lot of changes take place that were not expected on Tuesday.  As the markets pull back, things do get choppy and sloppy.  At this point,  let's  do a market review and then discuss a few possible trade ideas...

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A Golden Bull?

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Below is a snippet of Alex’s work from the past few days and his coverage of Gold.

 

(From Saturday)

2 BULLISH SIGNS IN GOLD LAST WEEK

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1. The USD was higher, GOLD, SILVER  & MINERS were not phased by it.

2. Remember that last week was known as the Chinese Golden Week, a week long holiday in China where Gold has sold off sharply ( $40 – $60) over the past few years.

Well, GOLD closed Higher this Golden Week, with the USD rising.

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GOLD  WEEKLY  –  That is a nice weekly reversal higher , despite the head winds mentioned above.

 

GOLD  WEEKLY  – We could see buying next week that pushes Gold above its down trend line.  Last week I mentioned that on Chinese Golden Week, the losses of $40 – $60 were often regained in 2 days the following week, when the holiday ended.  The GOLDEN WEEK holiday  has now ended with no loss.

 

GOLD DAILY LAST WEEK

SILVER  WEEKLY  – Silver still holds above the shake out

 

GDX  WEEKLY  – Miners held above their shake out

 

 

(MEANWHILE ON MONDAY…)

 

What was surprising about Monday?  It was this- Gold dropped over $17 and the Miners fought their way back to green…

 

GDX:GLD –  I discussed the bullishness when Miners lead Gold,  so this is how Golds drop & Miners POP affected the GDX:GLD ratio. Bullish.

 

Chart Freak Membership

Alex has been successfully writing a daily newsletter service for nearly four years now and is considered one of the best traders of precious metals miners, energy/uranium stocks, and biotechs.   This is your opportunity to join his service as a member and follow along as we enter the next bullish gold Cycle higher.

If you would like to find out more about the service or sign up, please click the buy option for more details.