Author Archive for: Alex - Chart Freak

Financial market movements can be erratic on days when options and futures contracts expire, especially on Triple Witching Friday.  Today is that day. Along with that,  I want to point out a couple of 'Cracks' that may be appearing in various parts of the Markets. When cracks begin to show up, it is good to take note and use a little more caution, because the strength of what is supporting things may give way. Let's take a look...

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SPX -  The SPX is at resistance, as mentioned in prior reports.  I also said that it could get choppy from here...

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Some of the trade set ups  that we have been reviewing are resolving quickly to the upside, so it may require pouncing on the set up before it breaks out, and it also may involve jumping off of the trade or cashing in, before it pulls back.  Well,  that is if you are in it as a short term trade.   Some can be held for longer periods of time and allow them to play out. We will discuss that at the end of the report.  Let's review the markets.

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SPX -  The SPX closed above the 10sma again, but it is also back in that resistance area.   It got choppy here at the end of February, and that may happen again if it can't break through resistance. The MACD is not breaking as strongly as price- usually indicates short term choppy. 

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This is a long weekend report, but I want to discuss a few reminders pertaining to The Precious Metals sector, so lets dig right in...

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SPX WEEKLY - I was expecting a drop in the general Markets, so I went short.  The Jobs report was a HUGE miss, but the selling actually started before that report was released.  As you can see, we got a big 1 week drop. Prior drops like that usually were not isolated '1 week wonders', so we may get some follow through selling to the 10 weekly MA.

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I want to discuss a few things as we go through our Market Review today, so let's dig in...

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These first 2 charts are from yesterdays report:

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SPX – The SPX has broken down from the channel, the gap open seems to have back-tested it Monday, and  I still think that we are coming due for a dip, plus…

TRAN – The Transports have been leading the way and may  eventually drop to the 50sma.

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VIX  -    In reports last week, I mentioned that the General Markets have been moving fairly smoothly up and out of a V-Bottom.  I also discussed that the VIX looked as though it could start getting choppy and this would cause volatility in the General Markets too.

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On Monday, the VIX surged to the 200sma and the markets sold off.  The VIX MACD also seems positive for a push higher, but it was capped at the 200sma like it has been in the past.  So far the VIX is near recent lows, but I'm keeping an eye on it.

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