Author Archive for: Alex - Chart Freak

Wednesday was another day where buying pushed price higher on many of the set ups that we have been discussing, but it was a very nice day for both Gold & Oil. Lets review the markets and discuss the days action...

SPY - The markets rallied but then sold off as the day went on. I posted this chart in our chat area simply to show that it was nothing to worry about.

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The markets rallied Monday and sold off into the end of the day.  As I write this report on Monday night, the futures are pushing higher again. Let's take a look at where that left things and what we can expect going forward...

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 In baseball, the simple call that this is " The Bottom of the Ninth' means that the game has entered the  second part of the ninth and final inning.  Unless there is another rally that extends the game, we reach The end of that game.  For the team worried about going home with losses, it is the beginning of the end, unless this final opportunity provides a winning rally ( or  at least extends the game into extra innings).

  Could the General Markets be nearing that time? I'm not necessarily talking about THE TOP, but maybe the end of this winning run and a consolidation period would follow?  Maybe, lets discuss this further.

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 In my last  'Weekend Report' we took a deeper look at the 'Big Picture', because we had additional views to examine at the end of March.  This gave us not only a weekly view , but also the end of the months Monthly view, and also a Quarterly view. I went over that report today and it did point out that behind the beauty, cracks appeared.  This week the cracks continued, and though I do not think that necessarily signals  The End of the Bull Markets season, We could be in the Bottom of the Ninth for this run.  Let's look at our Big Picture View...

SPX DAILY - This is our daily cycle count, with the most recent low of the SPX still at day 34, and it looks like we have a dcl when it closed over the 10sma.  Could that change? Unless buyers step in on Monday, I'd say that another 'shake out' dip below the 200sma is not out of the question into day 40 + and here is why I say that...

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Todays report is more like a progress report.  By now, we all should know what we have been looking for, let's take a look and see if,  One By One, we have made some progress.  Spoiler alert: We have 🙂 .

SPX - We have day 34 as the low at this point,. In the morning we saw a gap down and buying brought it back above the 200smaand even above the 10sma.  This was a swing low on day 2.

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This is going to be a relatively short report, with some market coverage and some charts of individual stocks too.  The reason is that honestly,  our expectations  from the very long weekend report and last week have not changed with Mondays action.  Let's take a look...

SPX -  We now have a day 34 Low.  Our cycle count for this daily cycle is maturing, we will be looking for the next DCL  or an ICL to arrive soon.  The Feeb Lows were not taken out at this point. Reminder:  If we are to  drop into an ICL, that drop  can cascade sharply, so I have been admonishing the readers here that we wait patiently wait with Cash for a DCL.  A recovery here could become a 'shake out" in the 200sma.

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