Aug 18th – Friday Again

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 Let's talk about 3 things here today...

 

1.   QQQ -  I thought that QQQ was a bull trap for several reasons, like Cycle timing, The MACD,  the Open Gap was pretty obvious, and other internal factors were keeping me cautious, but the Bulls were still buying each reversal.Was this just another Bull Trap?

 

QQQ - The NASDAQ dropped as expected, actually losing 123 points.  The QQQ slammed into the 50sma and it could bounce from here, but ...

Patience in this area is important. I doubt that we will get a swing low on Friday, with a candle as big as yesterdays in place.

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Give Me A Break!

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I sure hope that it is break time!  Let's take a look at our markets after the Fed minutes were released...

 

QQQ - I captured this chart at 1:49 p.m.- right before the Fed Minutes were released. Do you see similarities in the blue boxes that I have been pointing out? I don't like that gap.

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Wednesday Aug 16 – Progress

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As time moves forward, we are seeing progress in various areas of the market. Today at 2 p.m. Eastern Time, the Fed Minutes are released and that often can affect the markets too, so  let's take a look at where things stand...

 

SPX - No change from yesterdays report & expectation at this point.

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Aug 15th – They’re Back…

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If you need to know how I feel about Miners,  check the reports from the last several weeks, but I will add one more thing to that discussion at the end of this report. 🙂  First let's do a market review...

 

SPX - After breaking below the 50sma as expected, A gap open Monday has put a  swing in place, but it is unconfirmed at this point.  Another day of follow through may help to clarify this picture.  Day 29 is on the early side in the daily cycle count, so let's see what Tuesday brings. See the chart and we'll look at the NASDAQ.

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Monday Morning Coffee

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I wanted to put out an extra report this morning to discuss Miners a bit more...

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AUGUST 12 WEEKEND REPORT

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This week was a week of solid activity, and I have quite a few charts concerning the Gold & Silver race, so let's take a look at the action...

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Friday August 10

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Thursday August 9

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We saw some interesting moves in the markets on Wednesday, so let's take a look...

 

SPX - We see a reversal, but I do not expect a major run higher.

NASDAQ #1- I read head;lines saying " Even the threats of North Korea cannot hold down this bull market".

However...

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Aug 9th – Not A Whole Lot Of Change Here

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There was not a lot of change to report today, but there were some 'significant' changes that took place, so let's take a look at what has changed...

 

SPX - This weekend I mentioned that the SPX could go a little higher, but unless it breaks out strongly and runs, it looks to be at the top of a rising wedge.

SPX - Timing wise we are near the timing that we can expect a drop into a dcl, and Tuesday we saw a false or weak break out that turned into a reversal. In June, this happened and we slowly rolled over and dropped to the 50sma area.

What about the NASDAQ? ...

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Tuesday August 8th- Stretching Out

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In some areas of trading, we see stock picks and stock trades stretching out nicely, and in other areas we see 'cycles' also continuing to stretch out, so lets examine both today.

 

SPX - I do not think that day 19 was the peak and the daily cycle low of the daily cycle, so that would mean that we are on Day 26.  This could pop and run a bit higher, but it is probably going to drop to the 50sma area for the next dcl.

NASDAQ - The NASDAQ got above the 10sma, and that it bullish, however I would imagine that it is only good for a short term trade.

 

And this is the reason why...

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