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SPX - The SPX is near the 200sma, and this was where I said that I would begin to look for clues of a bottoming process ( long term or short term will be determined later). Will this do a quick shake out? Maybe, we are on day 29 of this daily cycle, but lets take a look at a few of my indicators.
So this is what I also found...
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DJIA - The DOW was down 724, and THAT is scaring a lot of people. We have been expecting this and so far, it is what it is. At this point I am looking at us on day 27, markets can fall further, watch for support at the 200sma. It CAN BE BROKEN in a shake out, we wont be buying without a swing low in place. I will discuss my experience in later reports.
Read More At times, subtle changes can lead to bigger changes. Yesterday some of the 'subtle' changes that I had mentioned in recent reports suddenly look a lot more important. Let's discuss some FED DAY changes that may have taken place...
Read MoreWell, its our first Fed Decision with the new chairman Jerome Powell. One has to wonder if the Markets are going to be jittery, the way they did the first 2 times that he spoke, or will they rally on the news? He was sworn in on Monday Feb 5th, and the week leading up to his being sworn in, the markets crashed. On Feb 27, when he testified before congress, maybe it was just a coincidence, but the Markets did not seem to like it at all and dropped too. Let's take a look...
You can see on the chart that on the week leading up to Feb 5th, the markets crashed down. Then, as shown in this headline, when he testified before Congress on Feb 27th, Markets sold off then too.
DJIA - On the week leading up to Powell being sworn in, The markets crashed. Then FEB 27th started a 4 day sell off after he gave what that headline called ' A cheery note on the economy' 🙂
Read MoreWe are approaching the first FOMC MTG with the new Fed Chairman. So far, whenever he has spoken to Congress, the markets sold off. The deep mini-crash in February was actually the first time that he spoke to congress. So is Mondays sharp sell off a taste of things to come? Or is this just a little shake, rattle, and roll until after the FOMC decision? Let's take a look at the action...
DJIA WEEKLY - I used this chart in the weekend report ( this weekend and a week ago), I mentioned that things were not exactly looking all bullish. I used my own indicators to show you internal weakness.
Read MoreThis opening picture describes how the General Markets shot up, especially into the end of last year. With little else than a volatility pop here and there, they just kept climbing. Well, in the weekend report, I like to take a step back and look at that Bigger Picture. At times things stand out from a distance that I may not see when I am focused on taking the ride using daily charts. Let's take a look...
Read MoreLet's discuss where we are again, and what one may need to think about going forward.
Read MoreAfter the recent selling or pause ( 3 days in the SPX & DJIA, 2 days in the NASDAQ or SOX), it would seem unlikely that anyone has been stopped out. I want to take a look at where we are cycle wise and discuss possibilities going forward, based on a comment that I made in the report yesterday.
Read MoreTuesday brought us some sharp reversals in the markets. Let's take a look and discuss the short term as well as the longer term.
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