Entries by Alex - Chart Freak

April 20 Weekend Report

To the joy of many readers here, we are finally getting some of the sale prices on Miners that we have been expecting for a while now. Let's take a look at our weekend review and see how things stand after this 4 day trading week...

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SPX WEEKLY - We are coming due for a pull back cycle-wise.  In the past, we have seen pull backs drop to the 50 week ma, as shown here.

1. It could happen at the next drop to a dcl, or

2. It may happen after a small drop to a dcl and then a break to news highs that rolls over, as shown here.

 

Let's discuss this a bit further...

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Thursday April 17th

Friday is a holiday and the markets are closed, so today is the last trading day of the week.  Earlier this week I had  mentioned cycle counts and a possible bearish rising wedge, so 'tighten stops and stay alert' was the thought for the General Markets at that time, but now?  It may be time to consider 'Safety First'.   Let me explain...

 

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XBI  #1  - This was the XBI ( A Biotech ETF) Tuesday.  It landed on the 50sma and also had the support of the 200sma below it.

 

XBI #2 -  This was the XBI on Wednesday, the very next day.  Look at that volume and how easily it sliced right through both moving averages.  If that is some kind of warning of what might be coming in the rest of the markets, we better be listening.

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Tuesday April 16th – Observations

The General Markets should have a little more upside, and if you are willing to ride the dips and just hold current positions,  you can use a reasonable stop.  If you hate losing any of your gains, it might be wise to tighten stops and keep an eye on open positions. The markets have been running strong and pull backs have been fairly shallow, but it is looking like we could be due for another pull back soon. Let's review what we have...

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SPX - The bearish rising wedge has been moving closer to the Apex.  This is at least shorter term bearish.  It doesn't call for a crash, but it does signal a possible pull back may be coming soon, and...

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April 13th Weekend Wrap Up

Lets get our Big Picture View in the weekend report, the weekly wrap up.

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SPX WEEKLY  -  The SPX continues higher, and will likely meet the 2018 highs, whether that happens now or whether we get a pull back to a dcl first, and it happens on the next daily cycle.  This current daily cycle seems to be a right translated Daily Cycle, so the next should pop to new highs again.  So far, this remains set up bullishly in the big picture, even if we get a short term dip.

 

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Wednesday – Moment Of Truth

After a brief market review, allow me to explain why we might actually be at the 'Moment Of Truth' for the precious metals sector

 

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SPX -  The SPX is on day 22 and price inside of this short term bearish wedge is heading into the APEX.  I would expect a drop into the dcl soon. The 200sma may act as support.

 

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