Entries by Alex - Chart Freak

Tuesday Nov 27th

November 27, 2018 in /by

Not a lot has changed from the weekend report, so let's take a look at Mondays action...

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SPX - After breaking above the 10 sma, SPX was turned down at the 50 sma and revisited the lows. The SPX is oversold and the MACD does have divergence so we are at least getting a bounce on day 19.

 

From my weekend report, the ICL could be ahead, and if so, any long trade will be capped.

I discussed my thoughts on the General Markets in greater detail last week and in the weekend report, but let's take another look at the NASDAQ.

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Nov 24th – Weekend In Review

November 24, 2018 in /by

Let's take a look at our Big Picture layout with the Markets...

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SPX-  The markets dropped toward their ICL, and I mentioned that similar to what we saw in Feb & March, this could now become a choppy market, instead of the 'Buy he dips' that  everyone got used to. The ICL could still be ahead, and I will explain why, but if that was the ICL in October, this could just remain choppy putting in a higher low like last April. See the chart.

TRAN - The TRAN actually broke to a new low, below the Feb lows. As mentioned in prior reports, this could become a double top down the road.

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Expect Light Holiday Tradin’ ?

November 20, 2018 in /by

One would expect a light volume holiday trading week, but so far many of the charts that I looked at have normal or average volume.  Maybe it will lighten up each day, but let's take a look at what trading took place  after the weekend report.

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SPX - The markets have been choppy and instead of that inverse H&S pattern  breaking back above the 200 sma again, Monday the Markets dropped.

 

I used this chart in the weekend report along with the increasingly ugly charts of FB, GOOG, NVDA, and even the IWMs lack of strength, to show the current weakness.  I warned again that if we don't see strength soon, we may see an a-b-c drop that looks like this on the General Markets Weekly Charts.

 

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November 17 Weekend Report

November 18, 2018 in /by

As time moves forward, we begin to see the moves that we anticipated in various sectors, as they begin rising out of the recent lows.  Let's get updated on our Big Picture expectations...

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SPX WEEKLY #1 - We see that price has moved to resistance, please read the chart.

 

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What? Huh, Oil? Who said something about Oil?

November 16, 2018 in /by

(Below is a sample of Alex’s works from the past week.)  These past few weeks have been extremely frustrating for a lot of traders out there.  So many are getting chopped up and setups that look promising one day, fail the next. There is something that many traders don’t want to hear, especially ones just […]

Friday November 16th

November 16, 2018 in /by

Just a reminder : Today is the last trading day of the week, and next week will be a holiday shortened trading week in the U.S., so let's see where the markets stand and enjoy our Friday of trading!

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Note:  we'll see how 'earnings' affect the markets going forward, but NVDA released earnings after the bell, and got crushed, down over  $33 or 16%.   We will discuss that with the NASDAQ too.

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SPX -  Wednesday we had a gap fill and a bounce into the close.  We need a bigger sign of strength than that, so we'd see if Thursdays trading could show some strength...

SPX - Markets sold off to a new low on Thursday morning,  and then put in a nice reversal.  It overtook more than 1/2 of the prior days candle, so you could add to positions on a day like that, with a tight stop at the lows.   Our inverse H&S remains in tact, let's see if this can power higher.

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November 14th – Saving Grace?

November 15, 2018 in /by

Let's take a look at the Markets, and I will discuss the Theme Picture later in the report. Consider the last part of this report as  important, and please read it carefully.

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DJIA - We have a gap fill.  Now let's see if these markets can get moving to the upside. I have discussed my thoughts on the General Markets in recent reports.

 

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Wednesday – Oil Did What?

November 14, 2018 in /by

It certainly looks as though Oil has entered the capitulation phase of a sell off into an ICL, and a low is very near.  I want to discuss that as a future buy opportunity in this report, but first we'll do a market review.   Just to reiterate:  In just about every sector, Trading remains very choppy.  That can be a bit  frustrating or even a bit damaging if position size isn't kept small, stops aren't honored, etc.  The sidelines are not a bad place to be until the dust settles a bit.

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SPX - Rejected at the 50 sma on a bounce, so far this peaked on day 7.  We now have a possible inverse H&S, but the open gap below could draw price in for a gap fill.

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