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SPX WEEKLY - We now have our break out & back test complete. Fridays push higher in the markets gave us this reversal off of the 10 weekly MA, and technically that is a buy.
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SPX TUESDAY - Break outs often 'back test' the break out, so I mentioned that this drop Tuesday was possibly just a back test. General Markets would be a BUY with a tight stop at this point. ( UPRO, TQQQ, ETC).
SPX YESTERDAY - SPX broke back above the 10sma and that was likely a perfect back test. This is a buy, but we really want to see this move higher quickly. That may have been a 1/2 cycle low.
Read More After my long weekend report, I was planning on just a quick cover of the markets and then discussing various Miners. That plan changed a bit when the market action also changed a little bit. I received a few emails discussing concern over Italy leaving the Eurozone, and problems with Greece, the Euro, etc., and the possible affect on US Markets, so now I'll just briefly discuss this and a number of things...
SPX - I'm looking at 2 things here. Yes,our General Markets dropped a bit, but if Italy and Greece have problems, the US markets could also be considered a bit of a safe haven area. Money could eventually flow into these as an investment, so...
1. If this reversal at the 50sma holds here, this is a nice set up as a low risk entry. It looks like a back test of the recent break out too.
2. If it closes below the 50sma, I would be concerned that things could be breaking down and would become more cautious until things settle down.
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SPX - We discussed the break out from the down trend / triangle as bullish 2 weeks ago, but we really need some upside to increase the big picture bullishness. An ICL in Feb formed and I'd like to see new highs within this intermediate cycle. This is currently a bullish set up, as discussed in the weekday reports.
Read More Mondays Markets...
SPX MAY 18th - Last week I mentioned that we had a bull flag forming on the 10sma, so it should break higher...
SPX - The General markets did break higher, but they gapped open. Toward the end of the day, they started to sell off, but they still didn't close those gaps. The gaps could fill, however...
Read MoreRest up this weekend, and we'll review the markets and the action that we can expect as things move forward. I'm really loving the way the Precious Metals markets are setting up for example, so far very much as expected. Lets just get right into it and take a look at our markets...
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