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The weekend report will discuss the changes that we have expected for months, and how we now see those changes taking place. Also, as mentioned in the last report, the recent sell off is now changing into a Long position, but for how long? To the charts! 🙂
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SPX - On Thursday, Jan 21st I mentioned that a swing low was in place ( Bullish for going long). It is safer to wait for follow through with a confirmation break above the 9 sma.
SPX - We had that confirmation on Friday. For traders, going long SSO, TQQQ,IWM, and various stocks was in place.
But please, lets not forget the Big picture too...
Read MoreJust a Quick market review and then I want to discuss some fast trades for those that like to trade, but aren't ready to buy & hold quite yet.
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SPX - I discussed the reversal and likelihood of that low to be in place for a bounce / rally. Thursday did put a swing low in place and the timing is right for a low. We do not have a break above the 10sma as confirmation yet , so the safer trade lies ahead, but some may have wanted to buy the swing based on timing, and place a stop below the Wed lows.
SSO, TQQQ, etc can be traded coming out of the lows, with a stop just below recent lows.
Read MoreThe Dow Jones Industrial Average was down over 550 points yesterday and then rallied back into the end of the day, putting a form of reversal candle in place. Thursday morning the futures are RED, but we are at an extreme point that calls for a bounce/ rally. Yes it could last for days and weeks, but is the selling over? Lets review the markets and some stocks.
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The SPX put in a large reversal candle too, after breaking below the August lows. 1730 is a normal downside target, but I think we rally first. It should be easy to get a swing low. A move above yesterdays highs begins the process.
What do I expect from this move higher after it starts?
Read MoreYes, Gold has a bullish looking set up, and miners not only sold off, but they broke to new lows. We will discuss that, but first lets take a look at the rest of the markets.
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NASDAQ - The futures are up over 100 to 200 points each morning, but the rally fades. What to do?
Here is the SPX ...
Read MoreAs expected, we have seen quite the sell off in the general markets. Oil & Commodities have been selling off too. Gold , Silver , And Precious metals are holding up, but are they ready to run now, or will they sell off? I actually spent a part of this weekend digging in to older charts and making some new ones, so lets take a look.
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While digging into older charts, I actually found this warning chart that I posted in April of 2015, when I said I thought we were seeing that rising wedge forming. Also by counting the months of the Bull market, we looked to be late in the bull. I am re-posting it because it had a logical target to me at that time.
SPY - We topped in May 1 month later. Now drop to Test the break out?
SPX - We broke the Aug lows Friday and recovered. This is a failure, but we can get a solid bounce soon. Lets discuss a couple of possible scenarios . One is a flash crash right now, the other is a believable rally that rolls over eventually.
Read MoreYesterday I saw a rather bearish development in Miners, so I immediately began doing research to see if what I was seeing was a major concern. I found something very interesting that happened in the past, and I will share that finding with you here, but first let me review Gold here.
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This was Gold in my last couple of reports, and I expected it to drop down and test the break out. As mentioned, Gold had a very bullish set up, and the C.O.T.remains bullish. Here is how it played out. I expected a back test.
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We got the back test, but Miners broke down as gold reversed higher. And with Gold then down pre-market, would this pattern hold up?
This was Gold at the close Thursday. We would like to see this triangle hold up, and so far so good.
What about the Miners though? What did I see that was concerning, and what did I find that I thought was important to share with you?
Read MoreI had this chart in my weekend report. After this weeks selling, it looks more and more like a reality, and not an illusion.
SPX CURRENTLY - I expected a bigger bounce this week, but the 2 day bounce was sold off yesterday. This is a break down and a back test.
Read MoreSPX - Yesterday I was pointing out the reversal candle and we were expecting a move higher, but would it be just a bounce?
SPX - We will get follow through, so traders can trade it, but at this point I do not expect a return to the Bull run. (See the weekend report for the big picture). Strong overhead resistance is pointed out, if the markets can make it to that area.
Read MoreWe know that sooner or later the markets will bounce, but what should we expect? A recovery or just a bounce? Lets check out the charts...
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SPX- There are points of resistance to be watched along the way. Look at the Aug - Sept 'bounce'. That first month was rather lack luster, but the surge in October was brisk. With a reversal on Monday, we may get out move higher immediately.
Read MoreAs time goes by, it certainly seems like the pieces of the puzzle are coming together to reveal the Big Picture that I have been discussing for months. 2016 could be a great year for some, painful for others if this continues. Lets review.
SPX WKLY
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RUT - NOT VERY ENCOURAGING IF WE DONT GET MORE THAN A BOUNCE SOON
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