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Alex - Chart Freak
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Alex - Chart Freak2017-12-12 12:46:252017-12-12 12:46:25December 12th – PRECIOUS METALS PART 2I think that it is important for this weekend report to FOCUS on the idea of GOLD going on sale, so after a review of the Markets, I am going to have PART 1 of a GOLD SPECIAL REPORT.
BANKS - The banks broke out recently, as reported in recent reports, and after a quick back test, we see the BANKS ( I mentioned JPM, BAC, RF,HBAN, MS, etc ) Moving higher. It is assumed that an interest rate hike is in the books with Wed Fed Mtg.
SPX #1 - We got our back test of the 10sma, likely a 1/2 cycle low.
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SPX - The SPX dropped to the 10sma, and this was noted as normal action...
SPX - Thursday was Day 15 and that could be our 1/2 cycle low. This should continue higher, though a quick dip under the 10sma has happened in Sept & Oct, and that dip was harmless.
Read More When I look at the various sectors of the market, they still seem to be moving at various rates, so we have a bit of a mixed set up. Let's take a look at this mixture...
SPX - Here we have the SPX acting as expected. A possible 1/2 cycle low after getting a bit ahead of the 10sma. Some have been riding this for a long time now, with a trailing stop. If you bought UPRO at the DCL, you could try adding if that was your goal. You can see that the SPX does at times break the 10sma & recover, so be prepared for that possibility. See SEPT & OCT.
Read MoreThere are a few things that I will be watching today...
Read MoreAs mentioned last week, we want to keep some of our open energy trades on a short leash. They were up 20% or so, so after a brief market review, let's take a look, take some profit, and not overstay that welcome 🙂
SPX - We saw a large doji candle on Friday ( indecision) and on Monday the markets Gapped open on the hopes that a Tax break will help business, but then it sold off. Am I bearish? No, this is day 12 of a bew daily cycle and the move higher was steep, I think we may just drop to the 10sma & my trend line, or go sideways,,,
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SPX WEEKLY - Still Bullish? Yes, quite. On a 2 year chart we see that the SPX formed an uptrend channel, and when it got a bit overenthusiastic ( over throw), it immediately sold off and closed back inside. Currently it has closed outside (above) that channel. This can create a steeper incline if it doesn't close back inside next week.
That can lead to more of a parabolic move, and...
Read More Friday is the last trading day of the week, so let's just look at a couple of the important things and some possible buy opportunities.
Read MoreWell, the markets decided not to run together again, so let's take a look at the recent changes.
SPX - The SPX stalled and had a heavy volume doji candle stick. This is often a top or point of indecision...
I want to remind readers of something that I wrote the other day...
Read MoreSometimes the markets are a bit hazy, and they need to be explained or clarified, but then at other times you can look at the Charts and it just looks like the facts speak for themselves. At this point, things seem pretty straight forward, so I am going to try to keep the chit chat minimal, and let the charts do the talking. Just The Facts please...
Bitcoin started tacking on 'hundreds' overnight, surpassing the initial target that I had mentioned, and reaching toward the extended targets that I had. I do believe that this is a parabolic move and it will eventually fall just as rapidly. This chart seems to show that we had that type of fall intraday, if it is an accurate chart.
SPX - In the last report I mentioned stay long if you are long, but it may be best to start tightening up trailing stops ( Due to BKX , TRAN, and divergences) and we'd have to see how this plays out. Boom, the long play continues on day 8. Just the facts.
TNA 3X Small Caps - I expected a gap fill and a tag of the 10sma anyway, but it just took off higher. I'd keep a stop under the 50sma & raise it as price rises.
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