Author Archive for: Alex - Chart Freak

Many readers here like to trade daily, attempting to scalp some short term gains or trying to grab a small run.  Others may be patiently waiting in cash for a longer term run, like we saw in Miners from Mid January through April? Like the Bear in the theme picture patiently waiting for a salmon run,  they soon should be rewarded.  After a market review, let's discuss what is involved in that waiting period.

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SPX- We still see our bullish set up and even got a reversal Wednesday after an early sell off.

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Let's get right into the weekend report, and I will discuss all of the sectors and why I chose trust issues as a theme.

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SPX-  Last weekend I had been discussing the expected rally and the potential that it has to be strong since price is near the highs, but the signals that I was getting was saying that it was near term lows ( DCL). Since the markets did form a pattern known as H&S,  I used this as one of my charts showing that we were at lows, not highs on a weekly.  Would we have a strong week?

May 19 - I saw the H&S too, but I had trust issues with it playing out, because many other factors were calling for a rally.

SPX WKLY - That was a strong break higher and the SPX is actually heading to the May 2015 all time highs. If it breaks out from there?  I have prepared charts for that time already  🙂   It could get very bullish , apparently climbing a wall of worry, because all I hear is negative talk.

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Yesterdays report discussed some break outs that were taking place in various sectors.  Wednesday, we saw some follow through in those areas too. Just like a baseball player at the plate, when we get a decent pitch tossed our way, we also need to follow through to be able to possibly score.  Some may wait for a pullback or start a small position and add on a pullback later, since it is early in some set ups.  Lets review.

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SPX -  This is the follow through that we expected. We are only on Day 5 today, of a daily cycle that can last over 30 days.

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Tuesday was a Break Through in a several ways. Let's take a look.

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SPX -  From the weekend report.  For many reasons,   we were waiting for a break out higher  ( not lower like many other analysts).

SPX Tuesday-  We see a Break through.  This is Bullish. Today is only day 3 of the 2nd daily cycle, following a R.T. Daily cycle.  That means that we could really see this move higher over time.  Picture this :  Many were shorting what appeared to be a H&S, and they may now start covering and cause a buying reaction.

And the NASDAQ?

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In this weekend report,  I want to review the markets as usual and discuss where they are at. Things look very interesting in many ways.  I also wanted to discuss a few things about my personal view of trading around cycles. In my analysis, many are aware that I incorporate a variety of helpful techniques.  I Mainly use various forms of Technical analysis, and along with that I add Cycles, Sentiment, a little Elliot Wave and so on. In this weekend report, I  want to also briefly discuss a few things regarding Cycles and some of the trading that goes on around them. To the charts...

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SPX -  As mentioned in a prior report, for the amount of time that the SPX has rallied out of lows and moved to oversold,  it has had a mild pullback.  Not even a 38.2% retrace yet.

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