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I've seen choppy markets before, but it seems like Oil and Gold are up one day, down the next , up one day, down the next. It can be very difficult to navigate the choppiness, but Cash is also a position until we get a nice trending market. Other trade set ups are an option too. Lets take a look at the charts.
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SPX - Short term I see a choppy triangle forming, and the larger picture might be forming a rising wedge. We can look for follow through with a break down or a break out.
Read MoreI just want to get right to the point here, lets look at the charts.
Read MoreI mentioned in a few of my August reports that things could remain a bit choppy going forward, especially if we are entering the timing for an ICL in Gold & Miners. We saw this in both OIL and Precious Metals markets in the past, and I will again point that out in this report. That type of price action can be frustrating, because the trade set ups quickly break down and the price action becomes more or less sideways. Lets take a look at what we currently see and discuss what we could expect.
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SPX - Our daily chart had a possible Island Bottom Reversal, but the gap closed and it lost the 50sma. This is not overly concerning at this point, but I liked the idea of an island bottom.
SPX WKLY - This still looks like a great weekly set up.
Read MoreWhat are we watching on Friday?
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SPX - Yesterday, using this chart, I pointed out that this confirms the daily cycle low, and it is a bullish break.
This could be considered an Island Bottom reversal. It is a bullish break out, especially if that gap doesn't fill.
Read MoreMy High School Sociology Teacher used to start his class by saying, " O.K. friends, no fooling around here. I have a lot to cover today, so let's just get right into it." I miss that, and I have a lot to cover too, so lets just get right into it! 🙂
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SPX - I discussed that the NASDAQ, IWM, SOX, XBI / IBB, and so on had already made the break higher, as the SPX lingered. The Fed Decision gave it a good push and we have a confirmed DCL and we're on day 7. It is still oversold , and I would expect a break out to new highs sooner or later.
Read MoreLets discuss Fed Wednesday
Read MoreI am fairly heavy in cash in my trading account and with cycle timing being where it is in Precious Metals, I am trying to stay that way going into the Fed meeting.
( I will always have a core position in Miners since admonishing that in early February). We get up each morning in North America and Gold is higher, but as they day progresses, it goes nowhere really. Lets take a look and discuss we we can expect.
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SPX - We have a swing low in the NASDAQ, RUT, IWM, etc., but we still do not have a swing low in the SPX yet. That DOESN'T mean that the low isn't in place, it just means that it hasn't confirmed itself with some follow through. This has the look of a bear flag, but I would expect a move higher soon with this set up.
Read MoreThe weekend report will take more of a big picture view, but I really think that everyone here should take the time to skim through Fridays report again. It was more of a detailed idea of what is happening, specifically in Oil and Precious metals. Please go back and at least just skim through those charts when you finish this report.
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SPX - Recall what I said about the NASDAQ, RUT, SOX in the Friday report, and here we have the SPX after Fridays trading.
Read MoreThis is just a little Friday report to toss out some Reminders about what we will be looking for next week.
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NASDAQ - I have been mentioning that cycle timing indicates that we should have a daily cycle low. We don't have one in he SPX yet, but the NAZ may be leading the way. The SOX is very bullish, and the NYA, RUT, DJIA, etc have also put in a dcl.
Read MoreVolatile markets and choppy sideways action, which way will the markets break? As daily cycles begin to age and the FOMC meeting approaches, it may be best to listen to the words of the gambler - You've got to know when to hold 'em, know when to fold 'em, know when to walk away, and know when to run - Kenny Rogers . I am scaling back on trades going into the FOMC meeting next week and wait for the fat pitch, the ICL in Precious Metals.
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SPX - DCL? Bear Flag? FOMC? The general markets are due timing wise for a dcl, but I'm looking for a sign of strength.
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