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The short term unknown ...
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NYA - The markets look set up to break out higher, but we need to see some signs of strength.
You recall that I've been watching this...
Read More I need to keep this report SIMPLE. Best wishes to me on that one...
ALL EYES ON GOLD & THE USD THIS MORNING-
The 200sma is at $1262 and that has acted as resistance in the past few days (so far)
Read MoreUh Oh! - What does "Don't Shoot The Messenger" have to do with our weekend report? Read on and you'll see that what I am seeing lately is not what many were hoping for in the Miners. We will discuss the implications in the Precious Metals section of this report. This is a rather huge weekend report, enjoy!
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SPX - I was pointing out a rising bearish wedge a while ago and I said that it would have to break out to negate it as it approached the apex, or it would have bearish consequences. Well it did break higher and even back tested on the recent sell off...
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SPX - 3 days ago I was noticing how similar this pullback was to the one in December
SPX - The follow through is good and the RSI looks promising. The one in December went sideways for a while, but this one is coming right off of the 50sma and would be more likely to run higher instead of sideways if it continues higher.
This next chart looks very good...
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SPX - I still have concerns with the weakness internally of the XLF, so I'm watching the General Markets closely. So far we have a swing low and a move that closed above the 10sma Wednesday. Anyone long should still be using a stop as we wait for an overhead trend-line to be broken.
Read More Here we are midweek and we have lots of changes to discuss in our review, so let's get right to it...
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SPX - I was expecting 1 of 2 things, either a deep drop into an ICL, or a shallow drop that may eventually lead to a blow off parabolic type top later. So far the dip to the 50sma reversed on Monday and Tuesday saw some follow through. That is a swing low in place and it almost closed above the 10sma, so you have an entry and a place to put a stop, even if the selling isn't really complete.
Let's discuss this further...
Read MoreWith the recent volatility in the markets, we have seen the equity markets sell off, Banking and the XLF were hit hard, Oil & Energy stocks sold down, NATGAS bottomed , and The Miners and Metals have been volatile in their own way. In this environment, we had to try to find a few trades while balancing the risk. There are times that trade set ups are everywhere, yet at other times, like during these choppy volatile markets, it may be best to take it slow, keep position size smaller, and for some it is even best to just wait. This choppy market action eventually sets up the next series of trades.
Despite the choppiness, we still found a few bullish trade set ups and some have already been really rewarding. I want to point out a few more of these trade set ups after we review the market activity for Monday.
SPX - The General markets gapped down and then put in a reversal around the 50sma. You could buy this with a stop below the 50sma, but it is hard to tell if all of the selling is really done without some follow through. The 'safer' buy is still ahead. We'll see what Tuesday brings.
Read MoreThere are times when different markets may look ripe for the taking, but we don't want to fall asleep to the possible warning signs in some market sectors. Lets review the weeks activities...
SPX #1 - The drop on the weekly chart isnt drastic, we've seen similar drop before. If it just continues up from here, we could be witnessing the beginnings of a parabolic type move.
SPX #2 - We do see a trend line break, so the drop can continue lower.
And SPX # 3 ...
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