Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
June 9th Weekend Report
This weekend report will show that we did not see a lot of change from the expectations of last weekends Big Picture Report. We will discuss Gold a lot more than the other sectors though, since it is boring us to death at a very important time period. Our Theme Picture could be entitled, "Wake me when Time's Up!"
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SPX - So far the break out, back test, and follow through higher is playing out. We really want to see 2801.90 taken out to prevent a L.T. Intermediate Cycle. That is only 22.87 higher from Fridays close.
FRIDAY – JUNE 8th
Let's discuss a little bit of Everything on this Friday before trading...
Thursday June 7th- Just Ride’em!
SPX - At the end of May we completed out Break out and Back test, so this was expected to make a run for the January highs.
SPX - And we have been running higher, so with this kind of set up, you can just buy & hold. Let me show you a couple of other charts...
Tuesday June 5th
Since the weekend report, there really isn't a lot of change here, so let's do a quick review...
June 2nd Weekend View
SPX WEEKLY - We now have our break out & back test complete. Fridays push higher in the markets gave us this reversal off of the 10 weekly MA, and technically that is a buy.
May 31st – Waiting For The Fat Pitch
SPX TUESDAY - Break outs often 'back test' the break out, so I mentioned that this drop Tuesday was possibly just a back test. General Markets would be a BUY with a tight stop at this point. ( UPRO, TQQQ, ETC).
SPX YESTERDAY - SPX broke back above the 10sma and that was likely a perfect back test. This is a buy, but we really want to see this move higher quickly. That may have been a 1/2 cycle low.
Wednesday May 30th
After my long weekend report, I was planning on just a quick cover of the markets and then discussing various Miners. That plan changed a bit when the market action also changed a little bit. I received a few emails discussing concern over Italy leaving the Eurozone, and problems with Greece, the Euro, etc., and the possible affect on US Markets, so now I'll just briefly discuss this and a number of things...
SPX - I'm looking at 2 things here. Yes,our General Markets dropped a bit, but if Italy and Greece have problems, the US markets could also be considered a bit of a safe haven area. Money could eventually flow into these as an investment, so...
1. If this reversal at the 50sma holds here, this is a nice set up as a low risk entry. It looks like a back test of the recent break out too.
2. If it closes below the 50sma, I would be concerned that things could be breaking down and would become more cautious until things settle down.
