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Have a plan, and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic. Remain as calm as possible, take action if necessary. These are my rules for walking the Serengeti and Trading. 🙂
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GOLD BOTTOMS -
Lately Golds lows have been hard for some to hold. "Have a plan and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic...."
More on precious metals later
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SPX - It will be interesting to see where we are on Dec 15th. This could break down or form a triangle here.
Read MoreAfter this weekends report, I wanted to look at some charts of stocks for buying opportunities. The theme chart above was an older buying opportunity that is now a bit extended. It may pullback and offer another low risk entry, but here are some current opportunities...
Read MoreIt's what we at Chartfreak have been expecting, but I think there could be even more to the story 🙂
More later in the report, lets review all market sectors first...
Read MoreThere was a lot of action in the markets today, maybe that was due to the Beige Book and Fed Yellen Speech . Reminder: DRAGHI speaks Thursday morning and we have a jobs report Friday morning.
I wanted to just keep It Simple today, and let the charts do the talking. Lets see what they have to say...
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SPX - Dec 1 - I was pointing out that the chart looked bullish, but as it moved higher the MACD was 'concerning'.
SPX - Now both Price and the MACD are concerning. That could be a bearish engulfing, even though the futures are pointing higher as I write.
Read on for more...
Read MoreJust a reminder that the Fed will be speaking at 12:45
Read MoreI believe that today the Beige book is released and Janet Yellen speaks. Will that change current conditions in the market? We'll see, but right now in a sector that sold off to new lows, we are seeing leaders emerge. We'll discuss that after a brief review of the markets.
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SPX - I'm noticing a weak MACD ,but the RSI looks good. I still think that the markets can break to new highs, but being the 3rd daily cycle I also think that the upside may be capped a bit for now. Notice how the 10sma held the decline.
Read MoreIn 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 ...
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