MAY 13 – On The Watch

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Another week has passed by and many of the recent trade set ups like MACK, NAK, VSTM, NATGAS, etc  mentioned are enjoying their following through.  We also remain on the watch for that next big set up in Precious Metals.  let's take a look...

 

SPX WEEKLY - Timing wise, the markets are due for a dip down, That doesn't end the bull, you can see these are normal dips to ICLs along the way.  The MACD gives this more of a double top look too.

The NASDAQ ( QQQ here)  has been very strong and earnings season hasn't stumbled it either.

Look at this view and you'll see that it looks very similar to the Parabolic blow off top in 2000.  This ending is not out of the question.  Let' s just take a closer look at that time period.

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May 12th – It’s a Beauty

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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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May 11 – Trading

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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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May 10th – Changes

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We do see some changes occurring in the markets, so let's discuss them.  They may be just temporary or they could last for a little while, so we will discuss that too.

   

SPX - This was an engulfing candle, but they bought it back toward the end of the day. Could this be the start of the dip into a dcl?

IWM -  I like to use the Russell 2000 and the NYA to get a better picture of the general markets. We see the 2 gaps have already filled here, but the stochastics is still not oversold and therefore more downside is possible.

NASDAQ - The NASDAQ , which has been very strong, also seems to have put in a topping candle, so we could see some selling in the markets going forward.

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5-8-17 Short And Sweet

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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.

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MAY 6th Weekend Report

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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?"

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Friday May 5th

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Lets get right to the report...

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Fed Follow Up Report

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Honestly, 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.

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May 5th – Fed Changes

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As 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.

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Tuesday May 2nd

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I 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.

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