Archive for category: Premium

I 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.

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.

My 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!  🙂

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.

I 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.

This is just a little Friday report to toss out some Reminders about what we will be looking for next week.

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.

The Tuesday report was discussing the recent volatility. Sideways chop is frustrating and newer positions are hard to hold, until you get a nice directional move. We are currently seeing strong volatility now. Lets take a look...

SPX - The lows from Monday were not taken out, so that still could be a dcl, we just do not have confirmation.