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Sometimes things are moving so slowly that you can’t believe that they are even moving at all. Well, We’ve seen this in the Precious Metals Sector over the past few days, but with the release of the Fed Minutes Wednesday, that just might change.
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It’s a holiday week in the U.S., and Monday didn’t bring much in the way of change since the weekend report. On Wednesday we do have the release of the Fed Minutes however, and that may be the catalyst that we are looking for in one area. 🙂 To the charts…
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SPX – The S&P broke to new highs. I was thinking that it will take a rest, but have you seen the IWM? It looked similar to the S&P now, but it is just continuing higher each day. We may pull back soon, but it is also possible that light holiday trading may just keep it floating higher ( See the IWM). If that happens, it may be on the following week that we see a consolidation or a pullback.
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Whenever we are examining the markets, we really need to try to leave any ‘Bias’ that we may have aside to see things clearly. That doesn’t mean you have to just accept how things look at a glance, however. Dig in, do research, and find the underlying factors that are there. I have done very well investing in a way that is contrary to what others are seeing and posting, so while being objective and leaving bias at the door, let me show you some of the things that I am looking at this weekend.
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SPX – The SPX is attempting to make a break out to new highs, as the DJIA has. We do see a rising wedge forming, and this usually ends with a pullback. Notice the red arrows and the stochastics on this chart. We should pull back soon.
SPX WKLY – A bullish burst from the lows, with great volume as expected. This was a move from an ICL.
IWM – New highs here too. So far a very good trade out of the ICL.
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Just a short report for Friday, where we’re discussing a leap of faith 🙂
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Looking for some change …
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SPX – No real change from yesterdays report 🙂
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Markets are running, but I’m sure that everyone wants to discuss the light at the end of the tunnel. We’ll do our market review and then on to the Precious Metals.
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SPX – I posted this Monday night, it looked like a pause in the strong move out of the ICL. A possible Bull flag.
SPX – Tuesday it broke upward and this is only day 7. Bullish.
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SPX – After an initial surge out of the lows, the S&P is stalling a bit. It may just be a pause before continuing higher.
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Have you ever been driving along using your GPS and you decide that maybe you’re going to take a short cut to your destination? The GPS detects that you have left the designated course and immediately needs to compensate by announcing, “Recalculating Route!”. Well last week sectors of the markets took sharp detours right after the elections. Using over 50 charts, this weekend report will discuss the road we find ourselves on now.
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SPX – Nov 1st , Expecting a trade-able ICL, maybe in the 2070 area.
SPX – The ICL seems to be solidly in place, with a break out from the downtrend after the election results were in. Futures shot down immensely during election night, but the chart simply reflects the time that the market was open. Volume was huge after the election.
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SPX WKLY – This could be a huge breakout from a 2 year consolidation, and it is oversold!
SO here is my current thinking…
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It has been a crazy week, that’s for sure. Odd differences are appearing in the markets this week. Let’s get right into the report and you’ll see what I mean.
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You probably heard about the Markets ripping out to new record highs if you were watching CNBC, and they were. This was the DJIA. The BKX ( banks) broke to new highs, the TRAN, RUT,IWM, SPX, and so on were rallying higher. This certainly looks like the start of a bullish break out.
And then there was the NASDAQ. Hmmm, that was quite the reversal lower on Thursday.The Nasdaq closed down 42.
Lets look at a couple of our strong Tech companies. Hmmm? Apple?
Look at GOOGLES RSI & MACD.
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Well Wednesday was pretty crazy in the markets to say the least. Nothing has changed in my analyses however. I still think that we are seeing several Bulls ready to run. Let’s get right to the charts and see what we can discern from the extreme moves that took place Yesterday.
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