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In my weekend report I warned about a possible false break down in Gold. I received emails saying that many 'shorted this sucker for the final flush down phase'. I repeat, Please use & honor your 'stops', I see things differently. I'll explain after a market review.
The SPX was looking bullish and I expected a break to higher price, but today there are areas that need to be noted and watched.
IWM - This also had a semi high volume rejection at the 200sma. That doesn't mean that it is done, but we'll watch to see if the 10sma or another area of support can hold it up.
Here is where it gets interesting...
Read MoreThis was possibly going to be a slow week of holiday trading, with Thursdays markets closed in the U.S. and 1/2 day Friday. In some areas we actually saw some noteworthy changes. Lets take a look at our weeks activities.
SPX - No change from what we expected, but we should see a push higher soon.
This is encouraging ...
Read More This is a holiday week in the U.S., so I would expect that the markets may begin to slow down as the holiday approaches. Lets review what took place Monday. There actually were a couple of noteworthy occurrences since the weekend report.
Read MoreWith the release of the Fed Minutes Wednesday, we got a good amount of action in the markets this week. Lets review sector by sector.
The SPY - On Nov 16, with a day 25 high in place, I expected a bullish break higher and a DCL to be put in place.
SPX Nov 18 - This was a bullish break out back above the 200sma.
That was follow through after the release of the fed minutes. What can we expect?
Read MoreFriday November 20, 2015
Read MoreThe picture started getting clearer in many sectors of the market after the Fed Minutes were released Wednesday afternoon. Lets take a look.
SPX / SPY - Looking for an overhead follow through and within the timing for a DCL. The 200sma acted as resistance.
Bullish Break through, I expect higher prices and will watch how the follow through plays out.
Read MoreWe saw GOLD break to new yearly lows yesterday and I read in several different places that people were going short for the drop to below $1000 (Again). We will discuss why I do not agree that this is the time to be going short. NATGAS remains interesting and OIL and Energy Stocks continue to have my attention too, so First lets look at a few other charts.
SPX - The markets stalled at the 200sma and a down trend line that I mentioned earlier. We could drop to the 50sma, but timing wise, we are due to go higher soon.This may be a pause before breaking above that 200sma.
The USD has been strong , but it may be due for a rest. Yesterday was a short term topping or reversal candle, but it is not a strongly reliable one. If the dollar is due for a rest, what might that do for the commodities that are now being heavily shorted?
Read MoreThe Markets always have that Ebb and Flow action where they pull back and push forward. We have been in the timing for some change as mentioned in the weekend report, and today we did get those winds of change blowing through. lets take a look...
In the weekend report the SPX chart pointed out possible turning points, seen here.
Here I am pointing out the action in the SPY, the day ended with 117 million. We are in the timing for a DCL (Daily Cycle Low, so I do believe that today was a DCL. If this pop drops ( to the 50sma?), I think support will hold. This is a buy with a stop below the 50 sma.
Read MoreThis week various sectors actually made some moves that could affect the short and longer term outlook. Lets dig right in and review what has happened.
SPX - Expecting a pullback with resistance at former highs, this is wedge was posted and a possible channel could form.
SPX - The channel has been broken, but thats not bearish by itself yet. The SPX tagged the 38% retrace. We could even fall further this week to the purple dotted trend line for a back test. This is also the 50% retrace and the 50sma is there, so good support could be found just below current price. I do expect a bounce soon.
This is not bearish at this point, but let me show you something a little more concerning here...
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