Tuesday June 5th

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Since the weekend report, there really isn't a lot of change here, so let's do a quick review...

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June 2nd Weekend View

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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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Friday- Navigating The Choppy Waters

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May 31st – Waiting For The Fat Pitch

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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.

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Wednesday May 30th

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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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May 26th Weekend Report

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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.

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FRIDAY MAY 25th

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Thursday May 24th

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SPX #1 - We saw the break out & Bull flag.  This was Bullish.

SPX #2 - Here I mentioned the GAP open, and the gap may need to fill first...

SPX #3 - Now we got our gap fill and then a reversal higher after the FOMC Minutes release, so ...

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WEDNESDAY MAY 23rd – Hump Day

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REVIEW:  SPX looked like a Bull Flag Last Friday, I expected a break higher.

 

After that break higher, This is copy pasted from yesterdays report.  We should expect a possible gap fill.  Markets could 'stall' to fill that gap.

 

SPX - The markets did move higher in the morning and then closed down, partially filling the gap.  I am seeing short term weakness in some of my other indicators (Not shown), so I'm wondering if this is going to tag that 50sma again? The weakness at this point is nothing too serious and a push higher will help turn those back upward.

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Tuesday May 22nd

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 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...

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