Author Archive for: Alex - Chart Freak

Today we'll start with a quick market review, and so far things are really still playing out pretty much as expected.  I then want to present another lesson on patience.  It is important and a lesson on patience can be very helpful at times.  It helps us to remain positive while we wait for what I think will be an exceptional buying opportunity in the near future.

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NASDAQ -  The NASDAQ & The SPX dropped and bounced off of the 8 sma.  So we see that the sell off was avoided for now, but these can still be topping candles.  We also do have divergence forming at these highs, so we could be vulnerable to a dip in the markets.

The following chart is another reason that I have advised using that trailing stops...

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Trading is closed in the U.S. on Monday.  Here is your week in review...

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SPX -  This is from our Friday morning report. A week ago I mentioned that it seems that the slam down may have cleared the deck of sellers and put in a dcl. We still have had all right translated daily cycles in this run. Please read the chart.

SPX - We could get shallow pull backs at anytime, but a loose trailing stop can keep someone that is 'long' in position. A hard stop could also be placed under the 50sma, since that shouldn't be broken again for a while.  This is now a 3 month consolidation and a break out.

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Wednesday had the release of the Fed Minutes in the afternoon, and that put a reversal into the Miners sell off.  Thursday has the NATGAS inventory report and we also  have the OPEC meeting that could Move OIL one way or the other.  These things are not unexpected, so let's discuss some observations from the current charts.

SPX -  I was expecting this run to roll over after the recent slam, but it will take some time to see how this plays out.

SPX - So far the General Markets continued higher.

This is something that is important to me in the bigger picture...

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Let's do a little review and discuss a little about a drop that I am expecting.

SPX - There are times when you are expecting a pullback and suddenly you get a large 1 or 2 day slam. That can exhaust the move down, or 'clean the plate' of sellers for a while , so price starts to rise again. I was looking for bounce & an overhead gap fill, but we are also due for a dcl.  So will the drop resume or was that it?  It could have been a dcl.   Let's look at prior moves out of such a slam...

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Have you ever heard someone say, "In the back of my mind, I was thinking about..." ? Well, in this weekend report I'm going to discuss my analysis ( technical / Cycles / etc)  and the conclusions that are drawn from that, and also what has been subconsciously ' in the back of my mind ' in a few areas.

SPX - Friday I pointed out that we could bounce here, but I still expect a drop from my analysis.

We did get the bounce at multiple support areas after filling a gap & 'buy the dip' has been working.

These patterns do look similar, and some may think that it would lead to further rally upside...

But ' in the back of my mind '...

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