Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Shocked
I was not so surprised to see the Energy sector doing so well yesterday. We've been expecting that next break higher for a while. I will say that I was surprised to see how quickly the markets shook off that jobs report , however. I mentioned in my weekend report that there were many nice stock set ups, so it was puzzling that the markets looked ready to break down. Well, just like that hypnotic dance forward in a conga line, the buy the dips crowd didnt want to skip a beat...
NAZ from my wkend report. I thought a gap down could break this wedge
Yesterday we saw a gap down and then the reversal higher, but I still want to point out this important point ...
JOBS REPORT AND MORE
Fridays Jobs Report said a lot, and how the various markets react should be quite interesting. The markets were closed Friday , so what will Monday bring? Check this out...
I'll start with the IBB WEEKLY chart. This isnt overly Bearish at this point, its still above the weekly moving average, but needs monitoring.It was last Spring that Biotechs sold off deeply.
Now lets look at the SPX & the NASDAQ, but first let me explain the possible implicaitons of the negative jobs report that came out Friday ...
Checking the Charts
Friday the stock market is closed , but I have a lot to say after yesterday, so lets check the charts and see whats happening at the end of our trading week...
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In this chart Yesterday, I had pointed out that the NASDAQ had a gap to fill and support at the wedge, would it hold?
This is the chart from the close Wednesday...
Hanging In There
Not a whole lot has changed in the markets since yesterday, but you'll see that they are still "hanging in There' for now in many ways. To the charts...
NASDAQ remains in a range-
The SPX actually looks a bit different ....
Market Observations
I wanted to take this time and just share a few charts that I have presented to my premium members in various premium reports last week. Of course as time moves forward , charts can morph and change , so we keep our eyes on things as they unfold. Currently, however, things are still playing out as expected.
March 24 NASDAQ - I was pointing out a wedge pattern. They are bearish if they dont surge higher and break the pattern before reaching the apex.
Click to read more of this report
Stacking Up
I really like the way things are stacking up, it seems that some nice opportunities are approaching. Lets look at some charts and you'll see what I am talking about.
Unanswered Questions
Things seem to be playing out as expected, but that still leaves a few unanswered questions longer term. Lets look at some charts...
$USD - the pullback has acted exactly as expected (So far)
The weekly chart of the Dollar has been very strong...
Observations
Often my Thursday report covers Thursday and Friday, leading into the Big Weekend Report, but a lot happened today, so I wanted to put out a Friday report. After a large drop Wednesday in SPX, DJIA, NASDAQ, IBB, etc , I felt we were right on target with the series of charts showing the Wedge Pattern, but were we about to slam right through it and break down? It looked it ...
Today, we saw this in many markets...
Nice Reminders
We re-entered Energy/ OIL stocks for a while waiting for Oil to POP. It really popped yesterday and overnight too, thats a perfect reminder that patience pays off if you're looking at the charts correctly. Gold & Silver Popped overnight and we'll discuss that, there is a Bullish and a Bearish Scenario that I have been pointing out and believe it or not, both are still possible. Then I have one more important reminder to point out. Lets get to the Charts...
This was my NASDAQ BEARISH WEDGE - from yesterdays report
