Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Strong Bulls
We've been seeing some strong Bulls running in 2016, and I dont think that the show is over yet. That is great news, lets take a look in our weekend review...
SPX - We've seen a break out to new all time highs and a sideways consolidation for weeks.
SPX WKLY - Possible back test or it may just break out higher. If it just keeps going sideways and dips down into a dcl, the back test could occur then too. We'll watch it as it plays out.
Friday Thoughts
Yes, I liked that picture so much that I decided to carry it forward to Friday. PLUS, I'm still waiting for the recent purchases to really run strongly 🙂 . Some of our stocks were green Thursday, even though Gold and the GDX sold off. Lets discuss our markets for a brief Friday report and then review Miners. This is the last trading day of the week, so there is not a lot of new things to say.
And They’re Off
Hang on, They're running again!
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I 'm going to skip the general markets and get right to Oil and Precious Metals. Why? This is a chart from yesterday, and again, nothing has changed.
July 27th – Another Fed Wednesday
Waiting on Fed Wednesday to see if there will be any special reaction is getting old 🙂
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SPX - This was after Mondays trading, we could see a drop or just continue sideways.
Not much changed , huh?
The Big Drop
Sometimes what looks and feels like a big drop turns out to just be a small dip in the action. I think that we are seeing that in Gold and Miners now. We'll discuss that after a brief market review.
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SPX - I've been expecting a small dip here, possibly back testing the break out after a measured move finishes. That may or may not happen. A sideways consolidation can also act as pause before continuing higher.
SPX - Holding the 10sma is bullish in a run out of the ICL. Temporarily breaking below it and recovering is fine too, I'm just pointing out the recent strength here.
July 22 Weekend Report
I hope everyone is enjoying a nice relaxing weekend, lets review the markets and discuss our expectations for the coming week.
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SPX - The break out that I expected after seeing the 3 white soldiers pattern is in play. Breaking to new all time highs get price above resistance, so a small sideways consolidation may be all that is needed before price continued higher. I expected a back test of the break out based on the VIX being below 12, so that still may happen.
SPX WEEKLY - I know someone that is trading ( holding) UPRO and TQQQ as a result of me pointing out the 3 white soldiers, and they are doing very well. Congrats! I didn't take that trade. The VIX is quite low at 12, leverage at this point may be a bit too much. Use caution.
Lets look at the NASDAQ...
Fridays Check List
Tonights report is going to be a great lesson on how we can view things as the markets ebb and flow , breathing in and out. We're at the end of the week and we saw a little selling in Precious metals Wednesday followed by an immediate reversal Thursday. Does that reversal mean that the selling is over? We will look at a number of things that help to give us confirmation as to whether a short term low is either in, or may not be in place yet. Also buying the dips tips.
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WTIC - First a chart of oil, since many do ask about the energy sector that we were trading over a month ago. We had a reversal Wednesday, but I pointed out that I still see weakness going forward. Patience is needed here.
WTIC - That reversal vanished on Thursday. This needs to prove itself, and it is still proving to be weak.
Now on to Precious Metals...
July 20 – A Miner Dip
Wednesday we saw the Miners (GDX, GDXJ) gap down and close near the lows on fairly high volume. What can we expect going forward? We'll discuss that after a quick market review.
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SPX- The general markets broke to new highs and since there is no resistance here, they have just continued higher. I do expect a dip soon, maybe this measured move will be close enough?
