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The markets had a bit of a drop yesterday, and some recovered and even closed green by the end of the day. Are we out of the woods now, with only upside ahead again? Let's take a look at some charts...
TNA - We are late in the timing for a dcl, and I could paint a case for the TNA, RUT, IWM, etc as having pulled back enough for a dcl. It broke a trend line, and closed under the 10sma to satisfy the requirements. A Follow through upside and a break out above the Magenta line would be bullish. What a beautiful run higher the small caps have had.
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SPX - Yesterday in our comments and in other blogs I read where people were saying how this market can't pull back, nothing can drop it down, people were adding leverage, etc . That very thing happened at the various 'tops' before a big drop on other occasions, late in a daily cycle. Let me show you the DOW & THE NAZ.
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DOW JONES - No change here, just a bullish run up and off of the 50sma that seems like it'll never end, but they do. We are overdue for a dcl, so trailing stop and we'll see if we get that dip this week. The Dow hit 23,000 for the first time ever. When it hit 21,000 & 22,000 it dipped within 4 days.
Read More Let's talk about the Miners. We were expecting them to be weak and struggle early on out of the recent dcl. Monday was interesting...
Read MoreFor the weekend reports, I am trying to cover all of the sectors and point out where we are in time and what we are looking for in the big picture. During the week, I focus mainly on things like stock picks , trade set ups, day to day progress and expectations for the various sectors near term. In some cases, when advantageous, I'll cover daily charts in the weekend report too. This weekend I will do a little of both. Let's take a look at our Big Picture expectations.
SPX DAILY - We are running late in this daily cycle, so it is due for a dip into a dcl. The markets have been very bullish and buyers have bought each 1 day dip lately. Now - Look at the Last week of July & the First week of August. We may have a similar formation now, however a POP in any direction can take place first. Trailing stops work the best here.
Weekly charts ...
Read MoreFriday - The final trading day of the week. Today I want to cover Oil, Natgas, Gold & The Miners, and some trade set ups.
Read MoreWednesday had some action, let's take a look...
QQQ - I not only feel that we are getting late in the daily cycle, but there are other signs that this has been a good bull move( RSI), but that this also is approaching a top here.
Read MoreWelcome to Wednesdays trading, please have a seat and we'll start out discussion...
SPX - I believe that this is day 36 and I would expect that the markets can pull back into a dcl at anytime. This remains a strong market, able to peak around day 36 ( R.T. Again).
Read MoreWe've only had 1 trading day since the weekend report, and things do seem to be falling into place as expected. Let's do a review...
Read MoreLet's take a look and see where the last week of trading took the markets...
SPX - The Big Picture for the General Markets remains the same. The ICLs ( deep meaningful dips in the market) are becoming less visible as the bull run picks up speed. Daily cycle wise? We are entering the time for a dip into a dcl.
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