Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Nov 26th Weekend Report
There are many things to keep an eye on going forward, lets take a look.
FRIDAY NOV 24th – REVIEW
This is a Friday update on the Precious Metals Sector
Is It Really Moving?
Sometimes things are moving so slowly that you can't believe that they are even moving at all. Well, We've seen this in the Precious Metals Sector over the past few days, but with the release of the Fed Minutes Wednesday, that just might change.
A Balanced View
It's a holiday week in the U.S., and Monday didn't bring much in the way of change since the weekend report. On Wednesday we do have the release of the Fed Minutes however, and that may be the catalyst that we are looking for in one area. 🙂 To the charts...
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SPX - The S&P broke to new highs. I was thinking that it will take a rest, but have you seen the IWM? It looked similar to the S&P now, but it is just continuing higher each day. We may pull back soon, but it is also possible that light holiday trading may just keep it floating higher ( See the IWM). If that happens, it may be on the following week that we see a consolidation or a pullback.
Leaving Bias At The Door
Whenever we are examining the markets, we really need to try to leave any 'Bias' that we may have aside to see things clearly. That doesn't mean you have to just accept how things look at a glance, however. Dig in, do research, and find the underlying factors that are there. I have done very well investing in a way that is contrary to what others are seeing and posting, so while being objective and leaving bias at the door, let me show you some of the things that I am looking at this weekend.
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SPX - The SPX is attempting to make a break out to new highs, as the DJIA has. We do see a rising wedge forming, and this usually ends with a pullback. Notice the red arrows and the stochastics on this chart. We should pull back soon.
SPX WKLY - A bullish burst from the lows, with great volume as expected. This was a move from an ICL.
IWM - New highs here too. So far a very good trade out of the ICL.
Leap Of Faith
Just a short report for Friday, where we're discussing a leap of faith 🙂
RECALCULATING ROUTE
Have you ever been driving along using your GPS and you decide that maybe you're going to take a short cut to your destination? The GPS detects that you have left the designated course and immediately needs to compensate by announcing, "Recalculating Route!". Well last week sectors of the markets took sharp detours right after the elections. Using over 50 charts, this weekend report will discuss the road we find ourselves on now.
SPX - Nov 1st , Expecting a trade-able ICL, maybe in the 2070 area.
