Author Archive for: Alex - Chart Freak

As mentioned in a few prior reports, we are riding through a consolidation zone in some sectors, and now Oil and Energy are experiencing a slight pull back. In Bull Markets, these are healthy events and over time we eventually see higher lows and higher highs.   Understandably,  these periods where gains are given and then taken back get frustrating for some, especially if they last for long periods of time.  With that, I wanted to re-post this recent report from Aug 12th to help us to maintain an unemotional perspective. Please read the article with the link below again, or just skim through it if you have time.

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CHOPPY WATERS

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SPX - The set up is bullish, but I am expecting a cycle dip into a dcl, so I am viewing it this way for now. There is a possibility that these markets just remain supported and head upward into a runaway type move. The dips are very muted.

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And as predicted, it is a force to be invested in  🙂

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WTIC - Many doubted that Oil could come back so quickly, some on CNBC were saying that it would not make it past $44.  With an ICL in place, there is no doubt that this chart shows us....The Force Awakened. 

We have been investing in Oil/Energy since I pointed out some nice set ups over 2 weeks ago. Some of these gains are already satisfying. Is this it? Will Oil only double top like I hear some saying? I will discuss the potential briefly here and in the weekend report.

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Fed Minutes are released today. We have seen a few sideways moves in various sectors, maybe this will be a catalyst for a directional move.

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SPX - If you re not long or short, don't jump the gun. After a long consolidation, the move can be prolonged, and I have actually been expecting a dip into a dcl. I dont think that the early Aug dip on day 25 was enough.

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The past few weeks of trading have been very good. Active traders have been able to find set up after set up, especially in Miners and now Energy. Some that Bought Miners in late May and Early June are still reaping rewards, and we have been looking at Energy trades for the past 2 weeks too. I am just a little torn about what I am seeing in some areas.  For example, The General Markets broke to new highs and consolidated, but the VIX is very low. Also I've mentioned the  lack of follow through in Golds Pop at the open for the last 3 days, etc.  Lets go through our weekend update and review our weeks activity.

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SPX - After a long sideways consolidation, we had a pop and basically more consolidation.

The Markets should have a strong move after such a long consolidation, but so far they are just continuing sideways and the VIX is at a point that usually ushers in a temporary top. Cycle-wise, we are due for a DCL soon,  so I'd expect that we get a drop soon.

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SPX WKLY - That drop could back test the break out or the 10ma.

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We were expecting the start of a pull back, so I posted this NASDAQ chart along with the Vix and a few other charts

Now lets look at the latest developments...

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