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I want to discus a few things in todays report, and then I will have a small ton of charts & Set ups in Energy and Commodities. I will start with the markets and their nice run higher lately. I did mention that the IWM, TRAN, and the IBB looked to be lagging a bit. IWM had a bullish set up and popped higher, but it hit another short term resistance area. I wanted to see a pop higher if it is going to possibly play catch up.
This was the IWM at that point on Oct 30. I expected a break higher.
IWM Nov 3 - We got he break higher ( Note: We may back test that break soon).
Lets look at the NASDAQ before we discuss Energy, The CRB, & The Precious Metals...
Read MoreWe had some nice reversals in certain sectors today, so I wanted to share a few ideas here with that in mind. Some ideas are Bullish , and a few cautionary notes in there too. This is your Tuesday morning report a tad early. 🙂
Read MoreIt was a Fed Week and the Action (or lack thereof ) and reaction were somewhat expected. Lets look at our week in review.
Thursday I mentioned that I found it surprising that the USD & CRB were both moving together Post Fed. Was one faking it's move?
Now lets take a closer look...
Read MoreAs expected, the Fed Mtg on Wednesday certainly gave us some dips to work with. We saw both strength and weakness as a result.
SPY - This was a tough dip to ride 'real time', but the markets closed back at the highs.
Read MoreWhat can I say here when we all know that charts could be quite different after the Fed Mtg on Wednesday? Lets just review some expectations.
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The SPX, Dow Jones and NASDAQ have recovered nicely from the summer sell off, but a few areas have yet to catch up (If they are going to). I showed this rather bullish looking set up yesterday, but...
Today the TRAN , IWM, and IWC sold off nearing the close. Is it a fake sell off or is smart money heading for the exits Pre-Fed? Lets take a look...
Read MoreNot a whole lot has changed since my Weekend report. This is a week with a Fed Mtg on Wednesday, and I dont usually expect a lot of action until the deed is done. My weekend report covered a couple of different scenarios going into the Fed Mtg, so lets see how things played out on Monday.
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$USD - 2 left translated cycles and then a strong surge higher with news from the ECB & CHINA last week. We are pausing at resistance. Is the USD waiting on the Fed?
Read MoreThe Dollar was ripping higher this week and we saw the Markets break out higher too. Oddly enough, Gold, Silver, and the Miners were staying green during that run higher too. That was different. Lets take a look at the weeks action and discuss what we are seeing.
SPX WKLY - This was pretty impressive, I expected at least a pause at overhead resistance. Notice the break above horizontal resistance / Magenta line too ( I will discuss that in a moment).
I had this chart in a report last week, to show that the SPX broke down from a long term channel and may struggle a bit ( Just a Back Test or break back inside?). We are very close to breaking back inside.
So here is what I wanted to look at next...
Read MoreDid you see the Dollar rocket higher 1.38 and not send Gold, Silver, and the Miners to their knees? Silver and Miners actually closed higher, so that was like a crazy illusion. And then AMZN reported a profit and shot up $70 in after hrs, MCD, GOOG, and MSFT are up big in after hrs after the markets already broke out higher today. Lets check out the action...
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SPX - The SPX , DJIA, and NASDAQ broke out today, but the BIIB, IWM & IWC lagged seriously.
Read MoreDid you read my Tuesday report and the Wednesday report? Not much has changed in the way of expectations really. We could say that we are just seeing a slight variation of the same theme.
Wednesday morning I pointed out the resistance above at the close on Tuesday for the NASDAQ, SPX, IWM, etc. Even though the Futures were Green, I thought that we would drop later in the day.
NASDAQ Tuesday OCT 20
Read MoreMany sectors of the market look ready to break one way or the other. Can we gain an edge as to which way they will go, or is it just a coin toss? Lets take a closer look.
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This was the NASDAQ at the close on Monday. It was pushing against resistance in various forms.
Notice what seems to have showed up by the close today...
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