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I was very happy to see the steps that the Metals and OIL markets took as the day went on. We will discus those steps in detail further on in the report, but first lets take a look at one of the major players in todays movement.
USD - many were saying how strong the DOLLAR was looking, but I was writing that it looked weak internally, since mid July. This should bode well for Commodities.
Notice the next chart of the Dollar...
Read MoreFor quite some time I have been pointing out things to take note of that are a little different than many others saw things. I think others are starting to see what we were pointing out here months ago. I was mentioning a bearish rising wedge pattern in the spring, and in June I looked at the SPX this way.
JULY 24, the SPX had not broken out from that toppy looking curve.
Would the BULL MARKET break higher soon?
Read MoreQuick thoughts...
Read MoreWhen dealing with Cycles, there are times that they are getting s-t-r-e-t-c-h-e-d, and other times when the count has simply started over. Right now in the Precious Metals markets we are facing that situation, so lets discus that further after we review some other areas of the markets.
SPX - more sideways action. Yesterdays rally attempt sold off
Lets look at the NASDAQ...
Read MoreLets get right to the charts...
I mentioned yesterday that in addition to other things like the SOX, TRAN, and a few other things, AAPL showed signs of cracking. Please dont shoot the messenger, but it sold off further. Watch to see how this acts on the Bounce or recovery move higher.
AAPL
Read MoreI wanted to get this report out tonight , so it's just going to be a quick review of todays market action and a bit more on GOLD and MINERS.
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DJIA - The Good news was that todays sell off ended with a reversal candle
But there are cracks in the armor for now. Notice above the downward sloping channel with lower lows and lower highs? Also notice...
Read MoreIf you are a subscriber here at Chartfreak.com, you know what this picture represents. Lets discuss the markets and see where they landed at the end of last week.
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I will start with the wkly chart of the SPX.
Again we see a LONG consolidation for the entire yr of 2015 really. Bullish if it breaks higher and rallies, but...
I want to point out the MACD on the above chart and this following chart as a reminder...
Read MoreI wanted to write this late day report for 2 important reasons-
1. You've been filling up the comments section on the last report, so I thought you needed a fresh space to write in 🙂
2. Even thought things are still playing out pretty much as expected in certain areas, this is just a reminder about being able to sleep over the weekend.
Lets do a quick review...
Read More Wednesdays Fed Meeting went off without a hitch. Sometimes the following day can get a little volatile, so Lets look at some clues within the market moves and see if things look normal or sketchy
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SPX- bounced off of the 200sma and now has good follow through above the 50sma. I would expect a possible break above the recent highs
You cant help but notice that the markets have been basically going sideways all year. Will they break out here and just start a nice rally? Here is an interesting clue...
Read MoreKeeping in mind that anything can happen on Fed Wednesday, Lets look at some Pre-Fed Charts and a few possibilities.
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SPX - Nice reversal at the 200sma. It look like it wants to go higher, but can it finally break to new highs?
Read More
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