Author Archive for: Alex - Chart Freak

There was a lot of action in the markets today, maybe that was due to the Beige Book and Fed Yellen Speech .  Reminder: DRAGHI speaks Thursday morning and we have a jobs report Friday morning.

 I wanted to just keep It Simple today,  and let the charts do the talking. Lets see what they have to say...

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SPX -  Dec 1 - I was pointing out that the chart looked bullish, but as it moved higher the MACD was 'concerning'.

SPX - Now both Price and the MACD are concerning. That could be a bearish engulfing, even though the futures are pointing higher as I write.

Read on for more...

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I believe that today the Beige book is released and Janet Yellen speaks.  Will that change current conditions in the market? We'll see, but right  now in a sector that sold off to new lows, we are seeing leaders emerge.  We'll discuss that after a brief review of the markets.

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SPX - I'm noticing a weak MACD ,but the RSI looks good.  I still think that the markets can break to new highs, but being the 3rd daily cycle I also think that the upside may be capped a bit for now. Notice how the 10sma held the decline.

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In my weekend report I warned about a possible false break down in Gold.   I received emails saying that many 'shorted this sucker for the final flush down phase'.  I repeat, Please use & honor your 'stops', I see things differently.   I'll explain after a market review.

The SPX was looking bullish and I expected a break to higher price, but today there are areas that need to be noted and watched.

IWM - This also had a semi high volume rejection at the 200sma. That doesn't mean that it is done, but we'll watch to see if the 10sma or another area of support can hold it up.

Here is where it gets interesting...

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Today is Wednesday and the last full day of trading this week for the markets in the U.S.  There were some bullish looking moves yesterday, some expected and another was a little surprising. Lets review. 

SPX -  I expected a little drop, likely to the 10sma, and a BUY opportunity for UPRO, TQQQ, or another long vehicle that you may trade.

I posted this chart of UPRO yesterday, using the 10sma as a guide. The 2nd one was at the close.

That was a perfect "Buy" opportunity, but It could still be bought here if you missed it.

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With the release of the Fed Minutes Wednesday, we got a good amount of action in the markets this week.  Lets review sector by sector.

The SPY -  On Nov 16,  with a day 25 high in place,  I expected a bullish break higher and a DCL to be put in place.

SPX Nov 18 -  This was a bullish break out back above the 200sma.

That was follow through after the release of the fed minutes.  What can we expect?

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