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Next week we have the FOMC Meeting, so lets see what the markets have done as we slowly move toward that date with the Fed Decision.
Read MoreJust 1 more day of trading and then we have the weekend. Let's take a look at a few things of interest ...
USD - The USD has a swing low in place ( unconfirmed, and the last one 2 weeks ago rolled over). We do see bullish divergence, but the proof would be in a close above 93 in my opinion.
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SPX - ON day 16, The SPX has more time & space to climb higher. We still have gaps below that usually fill later on.
Read More After another short review, we will talk about some trade set ups and some 'bottom fishing'.
SPX - The General Markets are still moving up out of the recent lows. No change from yesterdays report, I would raise my stops to lock in gains if the gap below eventually fills.
Read MoreNot much has changed since the weekend report, so todays report will have a short review and then I will discuss a few other important ideas.
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SPX- I will repeat, I never called the recent dip an ICL. It lacks the characteristics of one, but what I did say is that we have been overdue for one for a while. So we have a dcl, and similar to the last couple of dcls, the move higher has been a bit choppy, but we have higher lows and higher highs, so an uptrend continues.
SPX - In August I reminded readers that we were due for an ICL, but visually, I still do not clearly see one.
SPX - Then on Sept 1st, I posted this as a cautionary note of a possible rising wedge and mentioned that OCTOBER can be tough for the markets, historically speaking. We have seen some pretty big crashes in October. Will we get the ICL then? We'll have to be alert going forward to any signs of weakness as this unfolds. So some are long from the recent dcl, I am just helping my readers to see a reason to stay alert, and I will monitor it along the way.
Read More Today we are just going to discuss 'things'.
Read MoreOn this Thursday of trading, let's review what the markets are doing so far, and we'll have just a couple more interesting trade set ups.
NASDAQ - The NASDAQ put in a low that was a buy on August 21, and that has not been violated. It almost made new all time highs on Monday. It is still early enough in the daily cycle to break the highs and Tuesday & Wednesday looked like a back-test of the recent break out from the downtrend line. I would raise my stop to that point.
SPX - That sharp drop on Tuesday also looks to have back tested a break out. Day 11 and this can break to new all time highs too. Recently, breaking to new all time highs has not turned into a strong rally higher, the markets just keep rolling over into the next dcl, but it is slowly putting in higher lows and higher highs, and that is a trend higher. A bit of a rough ride for the BUY & HOLD investor.
TQQQ - So here is the TQQQ that many here trade. Tuesday, Wednesday, or even today you could add to your current position, with a stop below the 50sma. If you bought in at the DCL, I would raise that stop now that we've had the first drop out of the way.
Read More So far, the trades that we have been really focusing on have been excellent. We'll do a quick review and then discuss those trades and set ups.
DJIA - Wow, that wasn't a very healthy looking drop on day 9, was it? The DOW landed right back on the 50sma, so at this point, support is support. If this were to roll over and continue down, that means that this could still drop into an ICL. ( I never did call an ICL, just a dcl, but we are overdue for one).
SPX - As a cautionary note going forward, I mentioned that we had a buyable DCL in place, but using this weekly long term chart, it's easy to see a rising wedge in SPX. It is important to look ahead when we take on a trdae. That is called being alert and prepared, not biased , rigid, and foolish.
That way if we do get a sudden drop, we aren't surprised or overly biased and married to positions.
Read MoreNOTE: GAS PRICES HAVE SKYROCKETED IN THE U.S. THIS WEEK. We'll keep that in mind as we discuss the Energy sector.
NASDAQ - We got the follow through to that daily cycle low that I was expecting, and now we also have a weekly swing low in place. Stay long and watch overhead resistance. I do see divergence, as shown on this chart.
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