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I think that we knew that the Fed would raise rates, and I think that we had a good idea that there would be a'Reaction'. So let's take a look at Wednesdays market action ...
SPX - This was my chart going into the FED WEDNESDAY. Day 34 Tuesday.
Read MoreToday is the FOMC Decision, and even though the rate hike is supposed to be figured in, These markets are stretching out and could see a sharp reaction when the time comes. Let's take a look at Tuesdays market action...
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SPX - This small candle with a new low on day 34 allows for a swing low with a move above Tuesdays highs (2573.99). If the FOMC Decision changes the markets direction, it is possible that we will have a DCL & even an ICL.
Read MoreThe Dow was down another 500+ Points, and we see the general markets are at new lows again. This is not a surprise to us, I covered my thinking in the weekend report, so lets do a review and how things are playing out. We also have the FOMC meeting this Wednesday, so we will touch on that...
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SPX #1 - I captured this after the first hour of trading and I posted it in the chat area. Each morning Gap higher ends up selling off. Would this be bought up into the close this time ?
SPX #2 - No, it closed slightly red. I have been watching the Cycle count in anticipation for a DCL ( ICL). I said that day 18 was too early and now we have a day 28 low. THAT might also be a bit early too, since many daily cycles extend to 30 plus days. This could just surge higher and be counted as day 4 Friday, but take a look at this...
Read More The outlook for the Markets has not changed from my prior reports with the trading on Wednesday, so today we will mainly look at some more Picks. I also want to look at Oil and cover something important with the Miners, so let's begin, this is a long report...
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SPX WEEKLY - So far this looks quite similar to the Early 2018 Choppiness, but I did explain one big difference in Fridays report ...
Read More After dropping 800 points on Tuesday, if I told you that the DOW JONES rallied more than 700 Points on Thursday, would you believe me?
Well, it actually did, but that was only after it dropped over another 800 points first! These markets have been fast, choppy, and Crazy at times. Within just 1 week we saw 2 Bullish bursts after Powell and the G20 Mtg, followed by 2 days of crashing that actually erased weeks of trading.
Well, today is Friday, the last trading day of the week. Let's look at some of the market action, and this weekend I will cover more detail in the Big Picture Weekend Update. ...
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SPX #1- Day 26 of this daily cycle saw a big crash & a big reversal too. What Might be next in the short term ?
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