Author Archive for: Alex - Chart Freak

Monday saw a  little drag on various sectors  of the market, but I still expect a bounce before another wave of strong selling resumes.  WEDNESDAY is a FED day,  so anything can happen, but Cycle timing is right for  bounce. 

The old saying is that a picture is worth 1000 words, and sometimes I see a chart that's worth a thousand words too.  The Banking index, for example , says a lot.   

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This is the Banking Index

The above chart is quite oversold, but it is also quite unhealthy looking...

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The weekend report will discuss the changes that we have expected for months, and how we now see those changes taking place.  Also, as mentioned in the last report,  the recent sell off is now changing into a Long position, but for how long?  To the charts! 🙂

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SPX - On Thursday, Jan 21st  I mentioned that a swing low was in place  ( Bullish for going long).  It is safer to wait for follow through with a confirmation break above the 9 sma.

SPX -  We had that confirmation on Friday.  For traders, going long SSO, TQQQ,IWM, and various stocks was in place.

But please,  lets not forget the Big picture too...

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The Dow Jones Industrial Average was down over 550 points yesterday and then rallied back into the end of the day, putting a form of reversal candle in place. Thursday morning the futures are RED, but we are at an extreme point that calls for a bounce/ rally. Yes it could last for days and weeks, but is the selling over? Lets review the markets and some stocks.

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The SPX  put in a large reversal candle too, after breaking below the August lows.  1730 is a normal downside target, but I think we rally first. It should be easy to get a swing low.  A move above yesterdays highs begins the process.

What do I expect from this move higher after it starts?

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Yes,  Gold has a bullish looking set up, and miners not only sold off, but they broke to new lows.   We will discuss that, but first lets take a look at the rest of the markets.

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NASDAQ -  The futures are up over 100 to 200 points each morning,  but the rally fades.  What to do?

Here is the SPX ...

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Yesterday I saw a rather bearish development in Miners, so I immediately began doing research to see if what I was seeing was a major concern. I found something very interesting that happened in the past, and I will share that finding with you here,  but first let me review Gold here.

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 This was Gold in my last couple of reports, and I expected it to drop down and test the break out. As mentioned, Gold had a very bullish set up, and the C.O.T.remains bullish. Here is how it played out. I expected a back test.

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We got the back test, but Miners broke down as gold reversed higher.  And with Gold then down pre-market, would this pattern hold up?

This was Gold at the close Thursday.  We would like to see this triangle hold up, and so far so good.

What about the Miners though?  What did I see that was concerning, and what did I find that I thought was important to share with you?

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