Entries by Alex - Chart Freak

Tuesday March 20th

March 20, 2018 /91 Comments/in /by

We are approaching the first FOMC MTG with the new Fed Chairman.  So far, whenever he has spoken to Congress,  the markets sold off. The deep mini-crash in February was actually the first time that he spoke to congress.  So  is Mondays sharp sell off a taste of things to come?  Or is this just a little shake, rattle, and roll until after the FOMC decision?  Let's take a look at the action...

 

 DJIA WEEKLY - I used this chart in the weekend report ( this weekend and a week ago), I mentioned that things were not exactly looking all bullish. I used my own indicators to show you internal weakness.

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March 17th Weekend Report

March 17, 2018 /91 Comments/in /by

This opening picture describes how the General Markets shot up, especially into the end of last year.  With little else than a volatility pop here and there, they just kept climbing.   Well, in the weekend report, I like to take a step back and look at that Bigger Picture.  At times things stand out from a distance that I may not see when I am focused on taking the ride using daily charts.  Let's take a look...

 

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Thursday March 15th

March 15, 2018 /85 Comments/in /by

After the recent selling or pause  ( 3 days in the SPX & DJIA,  2 days in the NASDAQ or SOX), it would seem unlikely that anyone has been stopped out. I want to take a look at where we are cycle wise and discuss possibilities going forward, based on a comment that I made in the report yesterday.

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March11th – Weekend Wrap Up

March 11, 2018 /89 Comments/in /by

If you have clocks that are not automatically calibrated ( Cell Phones and Computer clocks are, microwave oven clocks and wrist watches may not for example),  You want to turn your clocks ahead 1 hour this morning  🙂

 

SPX - The expectation on a possible a-b + c-d extension is shown in green. The pull back into a dcl and further upward gains is a possible cup & handle, but this is just one idea going forward.

 

This would follow what we have already seen with SOX & NASDAQ

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FRIDAY March 9th

March 9, 2018 /105 Comments/in /by

Friday, the final day of trading before the weekend.

 

SPX - So far the SPX has not been able to push above the 50sma yet. A day 11 peak would not be a good sign for the General Markets, but I do think that this should be able to get above day 11, because...

 

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March 7th – After The Storms

March 8, 2018 /65 Comments/in /by

The markets have been choppy lately, and early February was really a bit stormy,  but after the market storms clear away, opportunities often present themselves in the manner of trade set ups.  We have been taking advantage of many of those lately.

  I guess that we can't really call yesterdays Gap down a storm of its own.  Yesterday I pointed out that this is where the markets were set to open ( Purple square). Would they continue to sell off, or would they be bought back up?

SPX -  You can see that the gap open did not sell off further, but steadily climbed  through out the day.  Adding in this area with a stop below March lows is reasonable.  The SPX looks to be crawling under the 50sma, and this is common,  but ...

 

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After Hours Drama

March 7, 2018 /84 Comments/in /by

Just when you thought that it was safe to get back in the water, Gary Cohn, one of Trump's top economic advisors, resigns.   As the news came out,  it spooked the markets and the Futures dropped pretty sharply.  They remain down as I write this on Tuesday Night.

Usually these news events that sharply affect the markets do not leave a long lasting impression, so is this just light volume trading that is easily moving things around?  Knee jerk reaction?  Or is there going to be some follow through after the markets open, dropping us down to a higher low double bottom over the next couple of days? We'll know soon enough. For now, we'll take a look at where we were at the close on Tuesday.

 

SPX  - The SPX remained under the 50sma, but as I mentioned yesterday,  the TECH stocks were stronger at this point.  The BOX gives you a visual of where 'SPX down -30' would open.

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