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Nothing has really changed since the weekend report. The markets have been choppy and difficult to record any gains over the past few days, but I do love the way the Precious Metals sector acted yesterday, so let's take another look at what we have.
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SPX - You can see that these types of sell offs into an ICL can lead to a double bottom, and Monday our General markets sold off further.
DJIA - You may want to look for something like this
HOWEVER....
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DJIA - I can't say with certainty whether this is a long term double top or not, but it has played out as a short term double top. We were expecting this drop into an ICL for weeks . Look at the strong bearish divergence on the MACD & RSI on a weekly basis. I've discuss in my daily reports what to expect going forward.
Read More I love Rocky Road Ice cream, but Rocky Road Trading? Not so much. My last few reports have mentioned that even though we do have a 'low risk entry' for Buying at a swing low in the General Markets and some other areas, stops are a must. It is not a confirmed swing low, and we have volatility and choppiness, so buying the swing doesn't necessarily mean that it will be an easy ride.
In fact, yesterdays report was entitled : 'It Is Still A Rough Ride.' Going into the last day of trading for the week, lets review Thursday and see if this proved true.
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Yes, it proved true - The Dow was down over 399 points and the NASDAQ was down 184 when I captured this in the afternoon...
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SPX - I also mentioned that similar to February and March, things can be choppy around this 50sma, even with a swing low in place.
Read MoreThe release of the FOMC Minutes really didn't seem to have any meaningful or lasting reaction in the markets. It may have added a little knee jerk reaction or volatility, but overall there was no big directional change. Let's take a look at our markets, and again, there really are no major changes from yesterdays report to discuss, but we'll still review what we have...
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SPX - I have been looking for a steep drop and an ICL. We have that steep drop and a reversal after the 200sma was taken out, so this could be a shake out. It is a swing low, and yesterday I said that this could be bought ( TQQQ or UPRO, etc) however...
Read MoreNote: FED MINUTES are released at 2 p.m. Wednesday.
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The General Markets stopped sliding, yet 1 day before medical & recreational marijuana is to be legalized in Canada - Pot stocks decide to slide. Is it going to be the typical "Buy the rumor, Sell the news? " in that sector? Is the rally over? We'll take a look at that too. Lets take a look at the market action...
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NASDAQ - This ICL drop was steep and broke the RSI below 30, unlike the Feb & March drop. This reversal could be bought at a low risk low, but ...
Read MoreThe weekend report covered the Big Picture, so today will cover some of Mondays action and what we can expect from there...
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Read MoreWe are all well aware of what happened in the markets this week, and really it is what we have been waiting for and discussing in the Big Picture Views for a while. That said, we now have a lot to look at in this Big Picture Review. Read each chart carefully.... To the charts!
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SPX WEEKLY - I've been looking for a drop into an ICL , similar to January. There it is, read the chart, and there is more..
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Thar she blows is right!
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GOLD - We have been expecting this kind of 'recognition day ' for a while, so Let's discuss this BURST higher in Gold and Miners...
GOLD climbed $28 on Thursday, and it was pretty much steady and straight up.
Read MoreI have been mentioning that the markets were due for a drop into an ICL, and I used this chart to show the potential downside -
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NASDAQ AUGUST - I thought that we might run to the top and then drop into an ICL just like the drops we saw in the beginning of 2018, and ...
This chart looks to be a lot of what I was expecting, but I wouldn't just jump in here. The NASDAQ broke & closed below the 200sma. Even though this could be a shake out, there is no need to try to catch this falling knife. We'll monitor it along the way.
Read MoreWe really didn't see a lot of changes take place that were not expected on Tuesday. As the markets pull back, things do get choppy and sloppy. At this point, let's do a market review and then discuss a few possible trade ideas...
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