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SPX - From Fridays report, this shows that the SPX could be forming a megaphone pattern as it sat around the 50sma.
SPX - Friday the SPX moved higher off of the 50sma, but has a new daily cycle started 6 days ago?
This is what I would look for going forward...
Read More It is Friday, the last trading day of the week. Jobs numbers will be released, along with the Natgas Inventory numbers. I like to remind 'traders' and 'investors' that today is the last day to be positioned heading into the weekend. I am holding several trades through the weekend, but I have been over 50% cash for a while, waiting for a solid buy set up to form in the Precious Metals sector. Enjoy your weekend!
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SPX - Closing below the 50sma could be a shake out. It was the last 3 times the SPX closed here. Either we sell down into the grips of a deeper ICL sell off, or look for a reversal and a close back above the 10sma ( not just the 50). Jobs numbers could affect the general markets.
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NASDAQ - We did see a small reversal , but we are still under the 50sma. I just don't think that we are there yet, so I expect further downside.
Read More With only 1/2 day of trading on Monday in the U.S., wedged between a weekend and a holiday Tuesday where the markets are closed, I think that we can expect light volume trading on that Monday. Many people may have just checked out and gone away from Friday through Tuesday, so let's just discuss where we are with the markets.
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DJIA - The markets have started another sideways consolidation or pullback again, however...
This does look a bit like 'distribution at the highs' with that heavy volume. Please read the chart.
Read MoreI wanted to add some more stock picks to the list that we already have out there, and there is also something else that we should keep in mind...
Read MoreBuy the dip? I would say that one might want to be careful when choosing where or when to enter this time.
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SPX - It is day 27 and there is time to drop further, but we are also due for an ICL (overdue), so this could drop even further than many expect in my opinion.
QQQ - Yesterday I pointed out the MACD on the QQQ ( Nasdaq too) . This looked ready to drop.
Read MoreIn the last few reports I have been discussing a good number of bullish trade set ups that have been forming after sell offs and consolidation periods. In some areas, the entire sector seems to be reacting. We will continue that discussion today.
SPX FROM JUNE 23 - The bulls and bears are battling, but this looks like a topping process. We are due for a correction in the general markets.
QQQ - Monday saw a bit of a bearish reversal in the Q's, and that MACD is not showing signs of strength.
I discussed in the weekend report that we are due for a steeper pull back into an ICL, and...
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