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That sunset sure is a beauty, and this chart below is also a beauty to many of us that went long...
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NASDAQ - The NASDAQ continues to climb that wall of worry. If you were long, a trailing stop may work out well, this is now another right translated daily cycle in a Bull Market. As shown in recent reports, Some stocks are doing well with earnings, and others are getting crushed. Add NVDA & TSEM to the 'doing well' group. Yelp & SNAP to the getting slapped group.
This is a reminder - This was my My February thought showing a possible parabolic blow off top . The pattern is similar with a sharp sell off and then a ramp higher.
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Todays report will be short and sweet, there is no need to cover 'everything' after the weekend report, but it does still include over 20 charts to cover a number of ideas, some new and others that we have discussed in prior reports.
Read More Keeping in mind that we have the French Elections on Sunday and the results can cause a short term reaction, let's review the market action from last week and our current expectations.
SPX WEEKLY - The SPX finally broke to new highs last week ( We know that the Nasdaq has been running like a bull).
SPX - The SPX will be due to drop down into its own ICL soon. In the past the 200ma has been rather reliable as a support. Since the 200 is rising, maybe the SPX will see 2300? As you can see from previous drops down into an icl, a drop like that can take a few weeks once it starts to roll over. "Sell in May and go away?"
Read MoreLets get right to the report...
Read MoreHonestly, there was little permanent reaction when the Fed decision was made known, but we can't say that a lot changed. Expectations remain the same, so lets review these markets....
SPX - This was in yesterdays report, please read the chart. Also the signs of improvement in the XLF continued.
DJIA - I expected a dip, but this reversal after the Fed may have follow through upside. This consolidation could be forming an inverse H&S.
Read MoreAs the Fed Decision approaches, it is expected to be a non-event when it comes to an interest rate hike. It does appear that some sectors are lined up for some changes, however. Let's discuss why.
Read MoreI wasn't really expecting a whole lot of change in the various markets sectors on Monday, Tuesday, and even Wednesday morning, but we do have the FOMC Decision at 2 p.m. Wednesday afternoon, and that may cause some 'changes'. Let's discuss the precious metals markets.
GOLD - We've been waiting for and expecting this drop, so that is nothing new. The stochastics isn't even oversold, so selling can continue Tuesday & Wednesday too.
Read MoreAnother week has come and gone and the markets have moved closer to the FOMC meeting and other events that can affect the markets. Let's discuss the latest market action and what the plan is going forward.
SPX - This looks like Day24 for this daily cycle and it has a Day 21 peak. We see a swing high in place and this can drop into a dcl. I am expecting some gaps to fill and likely a back test of support and the 50sma into the FOMC MTG Wednesday.
NYA - This looks like a back test so far too, but we possibly have enough time left in this daily cycle to do more than just a back test, so will it bounce around or consolidate?
There is more to this set up than just what was stated above, so let's look at 2 more sectors...
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