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Quick update on the Pullbacks...
SPX - Remember that Wedge from March 9 below? I still expected it to run to the 200sma , and then a drop to the 50sma in a 1/2 cycle low.
SPX - The 2 spike down days could be changing the way that lower trend line looks. The SPX has the run up /sideways/ run up/ sideways look. It is in a congested resistance area, this as it heads into next weeks fed mtg. That is where it bears watching ( For strength or weakness).
Read MoreHave you ever noticed that when we are waiting to see if a pull back presents a buying opportunity, it feels like price just drips down in slow motion day after day , no matter how sweet it looks? I'm feeling that now 🙂 Lets review the markets and then check out a few areas of interest.
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SPX - No change from the last few reports
Read MoreYesterdays report mentioning Anti-Gravity stocks was just the right thing to start the corrections 🙂 In Energy stocks I think we were getting a bit spoiled with 70 & 80 % gains in a single trade, but not so spoiled with giving back 20 - 25% today in BAS, LGCY, ARP, etc. Commodities are pulling back and Miners may start joining them. Will we be buying this dip? Lets take a look.
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SPX - My chart from yesterday. I had called for a rally , but now calling for caution.
SPX - And we did start a little selling Tuesday. We can go higher since we are still inside of that wedge, but eventually I expect a drop to at least the 50sma.
Read MoreThe stocks that we have been trading / investing in have been defying gravity for weeks. The fact that we are catching them right at the lows gives us time to enjoy the ride and nit worry about a short term pullback. So far, a short term pullback is rather hard to come by. Lets review the markets and look for more set ups.
SPX - It may be early in the investor cycle, but this doesnt look ready to power higher to me. I expect the markets to fail at resistance, at least short term.
Read MoreWell, the past several weeks have been excellent for trading , and we have seriously had reasons to celebrate, catching the lows in various sectors. All good things come to an end, so is it that time yet? Can we keep the celebration going? lets review!
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SPX ( or SPY) - A few weeks ago I was calling for a rally to get the bulls excited. Those who wanted to play it long should now be a bit more cautious short term. We have reached the spy gap, using a wedge to transport us there. The 200sma is there on the spx too 😉
Lets look at another indication that the SPX is at least short term topping, and we'll then look at a longer term weekly SPX chart.
Read MoreAnother great week of trading! Lets wrap this week up...
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SPX - Will Friday s Job report end the recent rally? We are approaching resistance.
Read MoreTrading has been amazing, and there are still some set ups that we can examine. Lets get to it...
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WTIC - Starting with OIL, this looks set up to pop. I pointed out a possible bottom in oil a couple of weeks ago , and I mentioned that when Oil broke to new lows, some Oil stocks like WTI had higher lows and held up nicely.
Now look at this ...
Read MoreThe markets are basically moving as expected, so without a whole lot of change, there isnt a whole lot to talk about. We'll do a quick market and then discuss some trade ideas.
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SPX- Good follow through.
I've been discussing a rally for 2 weeks now, but where do I think this is heading?
Read MoreThe markets have been quite volatile and choppy, and that can be difficult to trade. At chartfreak, we've been focusing on bases and up trends, so lets do a market review and discuss this further.
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SPX- I've been saying that I expect higher price, but this has been quite choppy. If we dont get a surge higher soon, this could become an overbought bearish rising wedge.
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Read MoreWe reach the end of the month on Monday, so Monthly charts will come in to play too. Right now we'll take a look at how things are playing out using weekly and daily charts.
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