Author Archive for: Alex - Chart Freak

This is the weekend report, where we can monitor the progress that the various sectors of the market have made, and what we may expect going forward.   Since I give a more detailed day to day update in the daily reports,  I often focus  mainly on the Big Picture in the weekend reports by using the weekly or Monthly charts. This week , however,  I will start with the daily charts in a couple of the sectors, to  include a  close up of where we are now, and then we'll get into our Big Picture Outlook.

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QQQ Daily - We are pausing at the  50 sma, as expected.   Will we go sideways or pull back?  It really shouldn't matter, at day 12, I think that we should still break above the 50sma in the first daily cycle and maybe back test it on the dcl later...

QQQ WEEKLY - This is an area that POSSIBLY may eventually become an important topping point.  We are watching this s things unfold. If the FED stops raising rates in early 2019, I wouldn't rule out that the markets can hang in there a bit longer.  FED PROPPED.  I still lean toward a H&S top though, with highs in place. 

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Today is Friday, the last day of trading for the week.  It really has been a great couple of weeks of trading , so let's discuss a few things...

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This was in yesterdays report...

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QQQ –  I am also starting to see what look like rising wedges in The Nasdaq.  This can push higher, but keep an eye on it.  These can be short term bearish, and often break down, an example of this was seen last  February and April.

QQQ - The QQQ tagged the 50ssma and the wedge remains  in view.  Read the chart.

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As the various sectors bounce out of their recent lows, they continue to do pretty good on the Climbing Wall.  Some may be climbing the so called 'Wall of worry'.  Let's take a look at the progress...

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SPX #1 - If this is an ICL, we should have a month or two off of the lows, but we are seeing price enter 'resistance' areas.  It CAN push higher, but we are nearing an area that may offer resistance and stall price too.

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We have all seen changes take place in various places during our lifetime.  The Theme picture highlights how things have changed from your parents day to today, or maybe even your youth to today.  Changes can be gradual or sudden, and in the markets we have seen  both gradual changes in character to sudden sharp change in market direction and sentiment.  Bull to Bear and Bearish to Bullish.  As we review our Big Picture of the Markets,  we can keep the idea of  those types  of 'Changes' in mind.

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The 600 Point drop in the DJIA Thursday did not concern me.  We caught the lows and  I posted this after Thursdays trading...

SPX DAILY   -  We caught the lows with  Decembers reversal and day 6 flipped higher off of the trend line & had nice follow through.   I WOULD SAY THAT YOU CAN NOW RAISE STOPS TO THURSDAYS LOWS TO BE SAFE.  The blue line resistance can be broken,  I just drew it to show where we may stall.

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QQQ - Markets gapped down Wednesday, but reversed higher as the day went on.  We have expected an ICL, and these lows should hold for a while, but it also may be choppy.

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