Author Archive for: Alex - Chart Freak

I dont know about you, but trading on Tuesday had me feeling like my basket had some dogs in it. Is that truly the case?  Lets take a look...

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SPX- CNBC was very concerned about the markets selling down today, but this chart is not bearish at this point.It keeps selling down and then being bought back, and that leads to a sideways move so far.

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Week after week we are seeing very good action and even fairly clear predictability in the various sectors. We have experienced some great gains in Miners, Energy, and Commodities for all of 2016.  I have to keep reminding myself, and so I want to remind the readers here too, that pull backs and corrections are expected and keep a market healthy. Lets review our markets and discuss that idea further. 

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I'll start with the NASDAQ WKLY  - The NASDAQ hasn't been as robust in its recovery as the SPX.  It almost looks to be rolling over,  so lets keep an eye on it.  

The SPX Daily  began  rolling over, but I see bullish signs too. Remember that corrections and pull backs can be healthy.  Is this a healthy pull back?

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A farmer has to take advantage of the opportunity to make hay when the sun shines. If he has other things to do, they'll have to wait for a rainy day.  He cannot make hay on a rainy day.  A trader or  investor has to invest when the 'set ups' are ready. If the low risk set ups have presented themselves, and he or she decided to pursue something else for a while, by the time they return,  the opportunity may be gone.

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With that in mind, lets make some Hay today.

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WTIC - Think about this. Last week I pointed out that OIL would move higher, but it is in a resistance area.  It could struggle a bit. There is good news with this...

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Ready for what? For one thing, we are at another Fed Wednesday.  Yes, that's right, the latest Fed Decision on interest rates is released today, and usually we have to get ready for any possible volatility. This time I dont expect much in the way of a surprise there, but  we may want to start getting  ready for the trades that the charts are setting up for. 

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On April 20th I posted this chart of Oil.  I've been bullish on Oil since the Feb Lows, and it still  wanted to go higher. There is a resistance area in blue, but Oil looks like it wants to move to at least the top of that area for now.  I listed many Energy / Oil companies that were set up bullishly. 

Last Thursday I showed how Oil would have to work its way through resistance, but was still going higher. You can see last Fridays report for a list of Oil/ Energy stocks that were setting up bullishly.

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