Entries by Alex - Chart Freak

Wednesday May 31- Back To Work

May 31, 2017 /107 Comments/in /by

I spent much of Tuesday catching up on charts and various news articles that I may have missed over the long weekend.  After all was said and done, nothing has really changed in my expectations going forward. Let's review...

 

SPX - After a shake out below the 50sma and recovery 8 days ago, the markets seemed to have put in another dcl and are near all time highs. These small pauses or flags may just continue higher so...

 

I said in the weekend report that I personally would not be shorting this bull market, since surprises do keep coming to the upside.  That said, I am still keeping an eye on this...

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May 29 – Weekend Report

May 29, 2017 /75 Comments/in /by

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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Friday – The Oil Leak

May 26, 2017 /88 Comments/in /by

Friday, the last trading day of the week.

 

Well, honestly the Oil leak that we experienced yesterday was no surprise to most of my readers.  I expected that drop and I wanted to point something out from here...

 

WTIC - This Doji was pointed out yesterday as a topping candle. We had an OPEC meeting that would review possibly continuing with cuts. Could this drop if they agree to continue with the Oil cuts?  Yes, it was due and even though OPEC agreed to continue with the Oil cuts, Oil sprung a leak.

WTIC - One thing that I want you to notice is that often when OIL has that one big 3 or 4% slam day ( see red arrow) ,  it doesn't usually bounce like many other sectors do the following day. It may bounce  intra-day, but often that OIL SPILL  just continued to sell off day after day in the recent past.  Oil is overbought and has plenty of room to run lower.  Thursday  DWT, DRIP, DUG, and ERY were all great trades from that DOJI top at the trend line.

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May 25th – Observations

May 25, 2017 /87 Comments/in /by

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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Subconscious

May 24, 2017 in /by

I have decided to release a large part of my last weekend report to the public, so that you can see what we at Chartfreak have been looking at.   Enjoy.

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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, but I also wanted to mention a few things that have subconsciously been  ' 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 bit more of a drop after a bounce.

We did get the bounce at multiple support areas after filling a lower gap & 'buy the dip' has been working. Now we could fill the overhead gap.

 

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

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

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May 24th – Drop like a …

May 24, 2017 /115 Comments/in /by

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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Tuesday May 23 – Patterns Within Patterns

May 23, 2017 /127 Comments/in /by

Please reread the weekend report for my thoughts on the markets. Mondays moves still fit the thinking that we have gone over for the past couple of weeks. In addition to the weekend report that I released, I gathered some charts of trade set ups or trade ideas that may be forming.  At times we see patterns forming within patterns, like the picture above, and I want to share those charts here...

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WEEKEND REPORT – Subconscious

May 21, 2017 /116 Comments/in /by

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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Friday May 19th

May 19, 2017 /143 Comments/in /by

It is the final trading day of the week, so let's review the market action...

 

SPX - The SPX backtested the break out trend line and bounced after filling a gap. Please read the chart.

Some may think that this is the dcl, and the "buy the dip'" team has rescued it again.  That might be true, however...

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May 18th – Change

May 18, 2017 /75 Comments/in /by

Wednesday brought along some changes, so let's take a look at what we have...

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LONGER TERM VS SHORT TERM

SPX #1 - We are due for a DCL & and ICL in the bigger picture, so I had posted these charts on May 4th showing possible ICL targets ...

And MAY 13th for the weekend report,  a possible dcl target

However, shorter term the markets have been very strong & BUY THE DIP mode kept kicking in, so I actually looked for 1 more push higher.

 

SPX MAY 17- However this looks like time is up.  That drop into the next dcl is likely taking place

This adds to the story...

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