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Well, it started to get choppy and difficult in various sectors a few weeks ago, and then we went into full sell down mode in October for the General Markets. Miners were sideways and choppy, forming bases but difficult to hold at times, and suddenly many of those bases have been breaking out higher. It has been a rough ride in the Markets, even the crash test dummies are complaining, but today is Friday, the last trading day of the week.
We will be heading into a weekend that is followed by a 1/2 day of trading Monday ( what's the point?) and a closed market Tuesday, so let's take a look at a few things before this week of trading finishes up....
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Read MoreI 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 ...
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