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So far in the markets it seemed like Everything had been taking turns moving higher, right? Aa a lean Green fighting machine, we've seen Tech, Biotech, Oil & Energy, Precious metals, metals and miners all enjoying a day in the limelight. All the charts are looking great!
....Or are they?
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On a day when the NASDAQ had what would be considered a normal healthy pull back,
SOX ( Or SOXL) Semiconductors - Suddenly yesterday, behind the beauty cracks appeared.
Read MoreIt was another one of those days when it seems like almost every sector had green in it and stocks that were moving higher yesterday. Lets take a short review of a couple of different sectors and then discuss some of our current bullish set ups...
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NASDAQ from yesterday - Early in the daily cycle count, I was leaning toward a bullish resolve of this battle at the lows. It was the most likely scenario due to cycle count and many of the stocks that I liked were holding up nicely.
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NASDAQ - The general Markets were on day 10 of a new daily cycle Monday. The are pushing against the 50sma as resistance...
Read More As mentioned in many of the 2018 reports, and especially in the weekend report delivered 2 weeks ago, we are seeing many changes slowly taking place in the markets. Today we will do our very important Big Picture Review, and along the way , I will discuss what I am seeing.
SPX DAILY - So far we still have our low on day 34. The SPX is going on day 10, and we are awaiting an upside break out.
Read MoreFriday is the final trading day of the week, and usually I do not cover the entire market, just what may be important for Friday. It is enough until we get to the long weekend report.
SPX - Yesterdays chart showed the day count of this daily cycle. We had the low ( DCL) on Day 34, Thursday was day 7, so Friday is day 8, and it is early in this new daily cycle. The chart was bullishly improving internally, as you an see with my indicators on this chart.
Let me show you how they look going into the final trading day of this week...
Read MoreWednesday was another day where buying pushed price higher on many of the set ups that we have been discussing, but it was a very nice day for both Gold & Oil. Lets review the markets and discuss the days action...
SPY - The markets rallied but then sold off as the day went on. I posted this chart in our chat area simply to show that it was nothing to worry about.
Read MoreIt was strange, but yesterday it seemed like every sector had stocks that were climbing. Tech was green, Some Miners went green, Energy was very green, Uranium stocks are bullish, and so on. Let's jut take a look at the markets and discuss this as we go ...
SPX - Our day 34 low has held and we moved above the 10sma and the trend line. This looks to be day 6 of a new daily cycle. I'd expect a run to the 50sma, and then resistance might temporarily stall it, similar to Feb.0
Read MoreThe markets rallied Monday and sold off into the end of the day. As I write this report on Monday night, the futures are pushing higher again. Let's take a look at where that left things and what we can expect going forward...
Read More In baseball, the simple call that this is " The Bottom of the Ninth' means that the game has entered the second part of the ninth and final inning. Unless there is another rally that extends the game, we reach The end of that game. For the team worried about going home with losses, it is the beginning of the end, unless this final opportunity provides a winning rally ( or at least extends the game into extra innings).
Could the General Markets be nearing that time? I'm not necessarily talking about THE TOP, but maybe the end of this winning run and a consolidation period would follow? Maybe, lets discuss this further.
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In my last 'Weekend Report' we took a deeper look at the 'Big Picture', because we had additional views to examine at the end of March. This gave us not only a weekly view , but also the end of the months Monthly view, and also a Quarterly view. I went over that report today and it did point out that behind the beauty, cracks appeared. This week the cracks continued, and though I do not think that necessarily signals The End of the Bull Markets season, We could be in the Bottom of the Ninth for this run. Let's look at our Big Picture View...
SPX DAILY - This is our daily cycle count, with the most recent low of the SPX still at day 34, and it looks like we have a dcl when it closed over the 10sma. Could that change? Unless buyers step in on Monday, I'd say that another 'shake out' dip below the 200sma is not out of the question into day 40 + and here is why I say that...
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