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With Mondays trading, we didn't see a lot of change, and our expectations remain the same, so let's do a Tuesday Morning review...
SPX - This should be a 1/2 cycle dip, and we need to see price break higher soon. I expect that it will back toward the recent highs, and if it does, this current action could look like a shake out at the 50sma. So far, the move out of the lows has been a sideways consolidation.
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SPX DAILY - This is where the SPX stands with its cycle count. We experienced a bit of weakness at the end of last week, and you all know my Big Picture outlook. This could be playing out the way it was presented in the weekend report 3 weeks and also 2 weeks ago. On the chart I wrote week, and meant 'weak'.
SPX WEEKLY - Nothing is wrong with the weekly chart at this point, but it was rejected temporarily at the down trend line, and I want to discuss the big picture further in this report.
Read More So far in the markets it seemed like Everything had been taking turns moving higher, right? Aa a lean Green fighting machine, we've seen Tech, Biotech, Oil & Energy, Precious metals, metals and miners all enjoying a day in the limelight. All the charts are looking great!
....Or are they?
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On a day when the NASDAQ had what would be considered a normal healthy pull back,
SOX ( Or SOXL) Semiconductors - Suddenly yesterday, behind the beauty cracks appeared.
Read MoreIt was another one of those days when it seems like almost every sector had green in it and stocks that were moving higher yesterday. Lets take a short review of a couple of different sectors and then discuss some of our current bullish set ups...
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NASDAQ from yesterday - Early in the daily cycle count, I was leaning toward a bullish resolve of this battle at the lows. It was the most likely scenario due to cycle count and many of the stocks that I liked were holding up nicely.
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NASDAQ - The general Markets were on day 10 of a new daily cycle Monday. The are pushing against the 50sma as resistance...
Read More As mentioned in many of the 2018 reports, and especially in the weekend report delivered 2 weeks ago, we are seeing many changes slowly taking place in the markets. Today we will do our very important Big Picture Review, and along the way , I will discuss what I am seeing.
SPX DAILY - So far we still have our low on day 34. The SPX is going on day 10, and we are awaiting an upside break out.
Read MoreFriday is the final trading day of the week, and usually I do not cover the entire market, just what may be important for Friday. It is enough until we get to the long weekend report.
SPX - Yesterdays chart showed the day count of this daily cycle. We had the low ( DCL) on Day 34, Thursday was day 7, so Friday is day 8, and it is early in this new daily cycle. The chart was bullishly improving internally, as you an see with my indicators on this chart.
Let me show you how they look going into the final trading day of this week...
Read MoreWednesday was another day where buying pushed price higher on many of the set ups that we have been discussing, but it was a very nice day for both Gold & Oil. Lets review the markets and discuss the days action...
SPY - The markets rallied but then sold off as the day went on. I posted this chart in our chat area simply to show that it was nothing to worry about.
Read MoreIt was strange, but yesterday it seemed like every sector had stocks that were climbing. Tech was green, Some Miners went green, Energy was very green, Uranium stocks are bullish, and so on. Let's jut take a look at the markets and discuss this as we go ...
SPX - Our day 34 low has held and we moved above the 10sma and the trend line. This looks to be day 6 of a new daily cycle. I'd expect a run to the 50sma, and then resistance might temporarily stall it, similar to Feb.0
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