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In an earlier report I asked, "Are we still on track?" It would take time to know for sure, but things are still playing out well in some areas, yet a little trickier in others. Lets look at charts.
SEPT 2 - I pointed out this topping action and said to expect volatility, possibly even sideways for a long period of time.
I want to point out what I am looking for next...
Read MoreI wanted to post a picture of something where glue was just melting and everything was becoming unglued, because Wednesday morning I saw quite a bit of Green on my screen and by the close things become a little unglued. So it raises the question, "Are things still on the right track?" Lets look at the charts.
DJIA - Wednesdays rally hit the 20sma and back tested that down trend line, and then promptly gave it up. I actually think this type of action could lead to a nice post Fed rally next week. For now it is difficult to trade.
Read MoreNow that we have seen some steady selling in various areas of the markets, some set ups look ready to buy again. Before discussing these set ups, lets review the markets in general.
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NASDAQ - After the steep drop, we usually see some consolidation and chart repair under the 10sma. Eventually if you get a break back above that 10sma, price often continues higher. We could break back inside this channel, but it was the start of a downtrend. Trading is no longer buy & hold for many.
Lets see how the various market sectors continue to march toward their next big move.
SPX - Many thought that the recent sell off would recover straight up like the one on the left last October. Did you notice the back tests recently? These are acting like resistance points.
Lets look closer...
Read MoreI dont always do a Friday report, because the Thursdays report usually also covers what could follow through on Friday. Since Friday is the last trading day of the week, the weekend report covers it all. I wanted to write one today - Just Bcuz.
SPX - This could be a consolidation to push higher or could be forming a bear flag.
Yesterday it was noted that even when the markets were higher in the morning, the usual suspects were not joining in. That would be F.B., GOOG, AMZN, etc.
Read MoreMany times we hear about buying the pullback, but when the pullback comes, it may be too intimidating to pull the trigger. Did you do any buying yesterday? Lets review the market action and also discuss "Pulling The Trigger".
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SPX - The Spx has turned back down at resistance and has been rejected at the 10sma too. Wednesday the markets reversed back up to the 10 sma. This time it may be able to push higher.
Read MoreIt felt like just about everything in the market was pulling back today. Not all pullbacks will qualify as a 'Buy the dip" candidate, but some may be setting up as a nice opportunity. Lets take a look...
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SPX - This turned down at multiple resistance areas.
Read MoreThis report will be a report on the statistics of what was reported on in the weekend report...
Read MoreIn last weeks reports, I was pointing out the things that were moving and really catching my interest. Lets review and see how things played out and what that can mean going forward.
SPX WKLY - We had a very high volume sell off & reversal this week. The last 2 stand outs had 2 different immediate reactions. Aug 2011 just went sideways for weeks, while Oct 2014 recovered strongly.
Which one is likely here, or is there another possibility? ...
Read MoreI wanted to post tonight because the action today was excellent. I think we may be getting the FAT PITCH that traders wait for all year. Lets take a look...
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