Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Sharp Reversals
Tuesday brought us some sharp reversals in the markets. Let's take a look and discuss the short term as well as the longer term.
March11th – Weekend Wrap Up
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
FRIDAY March 9th
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...
March 7th – After The Storms
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 ...
After Hours Drama
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.
March 6th – Progress
SPX - Day 15 for the SPX and it is making slow progress to come up and either tag or break back above the 50sma.
However, The Tech Sector is ahead of the SPX & DJIA ...
March 3rd – Where Are All The Bulls?
Almost all of the Markets have become choppy over the past few weeks, so what happened to all of the Bulls? We have found a few Bulls that seem to be moving forward, and I will discuss those in the report. The others may need to be coaxed out of the fields of consolidation, before they can enjoy a nice solid run again. Let's take a look at what happened last week?...
SPX WEEKLY - Here we see that the bounce of the past 2 weeks has curled up the stochastics, so maybe the selling is done, but I have been expecting a test of the lows. Compare last weeks drop to what we saw out of the lows in 2015, the bounce also looks very similar, so ...
SPX - If we are due for a double bottom low, next week could be another down week, as shown here where I drew in an extra candle. This would match the 2015 double bottom lows. Read the chart.
Lets take a look at the flip side.
Friday March 2
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