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The holiday week has many people checking out early and preparing to spend time with families. That means that this can be a week of slow trading, but that can also set things up for the next directional moves when traders return to work. Lets see what happened on Monday...
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SPX - Bounce today. Will it blast off higher? See the wkend report.
Read MoreThis is one of those weekend reports were there was a need to dip deeper and investigate several areas of the markets. Why? In the last report you may recall that I discussed how the recent trading reminded me of riding the White Water Rapids. For example the SPX was up about 75 points for 3 days heading into the Fed Mtg, and then it dropped down about 70 points for the next 2 days. Gold rallied with the Fed Wednesday , sold off Thursday, and rebounded Friday. Is there a waterfall ahead, or will this river smooth out? Lets dig in for clues as to what may lie ahead.
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SPX - I posted this wkly chart to show 'weakness' in the indicators that I was using. This would indicate that more downside was likely.
Take a good look at this chart of the SPX. Later in this report I will explain why it is important...
Read MoreIf you have never been white water rafting and wondered what it would be like, you just experienced it if you have a position in the markets. Quickly climbing up one white wall and then splashing down the other side, it gets tough to hold on and tough to navigate. One cold splash after another, sometimes people are even tossed off. That may not be a bad thing, because when rafting in uncharted areas, there may or may not be an unseen huge drop off up ahead. Lets take a look at the markets, and I'll point out what I see.
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Note : Today is Quadruple Witching. We will probably have some high volume moves today.
SPX WKLY - The weekly chart broke back below 2 key support areas and the blue line needs to hold here at 2000.
Read MoreWe finally got an interest rate hike out of one of the 2015 Fed Meetings. It appears that various market sectors seemed to like what they saw. Lets review...
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SPX - The SPX looks Bullish, but I do want to share both a bullish and also a bearish version.
This is the bearish version...
Read MoreOn a day like today it feels like there is so much to say, yet what can be said? Lets do something a little different today. lets look at what happened on OCT 28, the last Fed Mtg.
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SPX- After Janet finished speaking, the SPX closed higher (Red Arrow). It paused for 2 days, and then had 2 more up days and that was The Top. That Fed Wednesday was exciting, but it was rather short lived when you look back at it.
This is interesting...
Read MoreIn case one couldn't tell , "It's A Fed Thing". I thought that maybe it would be a little quiet leading up to the Fed declaration on Wednesday and then we'd see a little fireworks, but its a Fed Thing. Things started shaking up long before Wednesday. Lets take a look.
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SPX WKLY - from the weekend report, the weekly looks a bit bearish.
SPX DAILY - from the weekly report. I did mention that we could bounce off of support, but will it get that far?
Todays reversal looked quite convincing, so has my thinking changed?
Read MoreI'm not one to blame news events or market manipulation for all of the moves that the market makes, but this Fed decision is likely already one that is affecting the markets. The charts are showing signs of change, so lets dig deep and see what we can find.
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SPX WKLY- DO you see weakness in recent weeks in our 'Bull market'?
Pullbacks of 10 % can be healthy in a bull market, but lets take a deeper look...
Read MoreI just wanted to post a couple of quick thoughts before the weekend. I will post a couple of charts from yesterdays report, because nothing has really changed there, and a couple of new ones.
WTIC - This chart is from yesterday. That swing low did not hold, and I do not believe that it was a dcl that failed quickly. I still expect a bounce, but I think that would only be a Dcl, not an ICL in my opinion. After yesterday we are under the B.B. again. DCL soon.
Read MoreTuesday was a little like watching paint dry in the markets. Not a lot has changed, but it is important to watch how the various sectors set up going into the Fed Mtg next Wednesday. How they approach that Dec 16 decision might give clues as to which direction the next move will take.
SPX - This was Dec 7 and the markets dropped a bit, but remain above the 50sma for now.
SPX - Tuesday it is still holding the 50sma, but at this point I see signs of internal weakness , not strength.
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