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Next Wednesday we have the FOMC meeting. These have affected various sectors of the market in the recent past, so it may just be a matter of time before we see a change take place.
SPX - Consolidations build up steam and can make for a lasting run. These markets could run higher into the Fed Meeting next week.
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After the 1st round of the French Elections Sunday, we saw price break through many of the trend lines that we were watching.
SPX - This chart was from the weekend report showing that trend line resistance for the SPX.
And we had a break out on Monday, even if I use the peak of the spike on April 5ths reversal. We've seen daily cycles run various lengths, see the 2 boxes drawn below, and so this does have the ability to run a bit higher.
Lat's look at the NASDAQ...
Read More The 1st round of the French Elections are being held on Sunday April 23, and that may temporarily shake up the markets, but so far, things do seem to be lining up as expected in various sectors. Let's review ...
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SPX - On April 19th we saw the SPX continue to be rejected at the 50sma. I mentioned watching that 2322.25, because a break out higher or lower is important.
SPX April 21 - No change yet. The RSI & MACD are improving, but no break out yet.
Read MoreIf you were reading the 'comments' or the chat area yesterday, there was a lot of talk about STEEL and the STEEL STOCKS, so Fridays report will discuss that area and some probable trade set ups in that area and other areas.
STEEL - We'll start with STEEL itself. We have a weekly reversal and a swing low has formed on the daily chart. After the long multi-month consolidation, the weekly RSI is again above 50% and the Stochastics has reached an oversold level. This all looks good.
STEEL DAILY - The daily chart had a nice bullish push higher too, and right off of the 200sma.
Read MoreIn yesterdays report, I was complaining about the boring 'put you to sleep' type of sideways action in the markets lately. Apparently that was the calm before the storm, because later that day we finally saw some pretty big changes take place all in one day. Something interesting occurred in the General markets, Oil had a big drop of almost 4% (!) and the selling in the many of the junior Miners that I had been pointing out picked up the pace too. Let's take a look at the markets and discuss the recent developments.
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SPX - Not a lot has changed here, but I've mentioned that I'm a bit concerned with the XLF . Now there are new threats to the General Markets. The SPX remains under the 50sma and threatens to break below the prior lows. A break down could lead to a good sell off, and a break out higher could lead to a decent rally, but it is getting late in the 3rd daily cycle, so upside may be limited the longer time goes on.
This is interesting though...
Read MoreAs mentioned in Tuesday mornings report, the Markets have been absolutely fabulous lately ( If you needed to catch up on some rest that is). Boring action in almost every sector is putting traders to sleep. let's take a look at what happened on Tuesday!
SPX - Here we see that the SPX, oh wait, that's probably just a day trader as of Tuesday...
SPX - Here we see that the SPX has basically gone sideways for 2 months. Tuesday it was held back by the 10sma again. No real change here.
Read MoreSomething interesting taking place in the General Markets
SPX - Here we see the ICL in November and 2 dcls that followed. Obviously the markets have been relatively strong, because those dips down into their dcls have been shallow. Over the last 2 weeks I mentioned concerns about the XLF and then the SPX broke below the 50sma last week. The 'timing' dictates that an ICL is coming due and since the XLF has been weak, so I would expect more of a dip now or soon. At this point, I'm actually noticing some interesting developments taking place here too, so let's discuss that. Notice how the recent consolidation does look similar to the last one at the dcl...
Note: That last dcl has not been broken and a break out here is not out of the question, and here is why.
Read MoreLet's review what the markets have been doing and what that can mean for this weeks trading.
I have repeatedly said that the condition of the financials has concerned me when viewing the markets. Weakness there could bleed over into the general market.
XLF - Friday the XLF broke to a new low, taking out the last DCL. I now expect the financials to sell off over time.
XLF WEEKLY - The weekly chart shows the weakness too.
Read MoreAs stated before here, there are clearly times to trade and then there are times to just be patient. The best times to trade are after consolidations or bases finish forming , and then the trending moves out of those time periods can continue to carry positions higher. Until that time, trading inside of consolidation periods can be frustrating.
Read MoreToday I want to address how, even though we can see movement within 'cycle expectations' get stretched or a bit extended, it is still just a matter of time before Markets seek their lows. I will discuss this in the Precious Metals Section of the report.
SPX - Though this reversal can be viewed as bullish and be bought with a stop under the lows, We still need to see a break out and follow through.
Lat's look at the NASDAQ...
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