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Thursday the Dow shot up 230 points. Friday the Dow sold off, down over 100 points. Monday the Dow shot up 166 points. Tuesday the Dow went up another 60 points, but sold off and gave most of it up into the close. Wednesday we gapped down and closed down 178 points. Currently at 6 a.m. , the Dow futures are up 100 points. Volatility is the order of the day, I should have used a picture of a roller-coaster.
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SPX - I pointed out these wedges and said I was expecting a sell off. Now we have a back test of the trend line break and a tag of the 50sma. Will this hold and give us a genuine break higher to new highs, or just more up & down action?
IWM - the IWM actually already broke to new highs, but I expected a back test, as shown here
This is where it gets interesting...
Read MoreShort term movements in the markets are Mixed, so lets take a look at the charts and see what we can observe.
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SPX - In the short term I see small bearish wedges that could lead to a pullback or sideways move short term. If this were to just surge higher and break out to new highs, that would be bullish.
Interestingly, The RUT, IWM, and IWC did break to new highs recently and continued higher. Are they leading ?
Read MoreNot much has changed since the weekend report, so lets just review the charts and I'll have additional comments at the end of this report.
SPX - June 18 I had pointed out that in the recent past, the break to new highs can just roll over
Yesterday we woke up and futures were strong. Would we gap open over 100 points on the Dow, 25 in the Spx, etc. and just run free from this sideways action into uncharted territory? Not yet, some selling that capped the gains . These can be topping type candles, but they dont have to be.
It might help to see what the IWM, RUT, BIB did...
Read MoreI started last week with a good number of trades on, and while I still see a lot of good looking set ups, I find that I am slowly going to Cash. Some trades I cashed out of and others I got stopped out. Lets look at the charts and discuss future possible opportunities.
SPX- High volume reversal . Why was volume so high? Is this going to just be a back test of the break out & 50sma, or does that volume indicate a larger drop? We will know soon enough.
SPX WKLY- Doji candles can indicate indecision, and for the 2nd week in a row, our weekly chart is a doji.
Lets look at the NASDAQ...
Read MoreI dont always feel the need to do a Friday morning report, much of Thursdays action flows into Friday and the weekend report covers that. This week we had some interesting developments , so I want to do a quick review.
SPX - I have been looking at a Wedge pattern , but lets look at things from another angle. This looks like day 8 of a new daily cycle.
Read MoreYesterday was Fed Wednesday and as usual we had a little reaction to the Fed Release. Lets take a look at the charts
SPX- closed higher but couldn't hold above the 50sma. It still looks bullish at least for a run to the highs of this trading range. Why would that looked like a mixed picture?
The weekly SPX looks to be weakening over time. Tops are a process and we could be seeing that process playing out now.
Read More First we look at the charts and see what we can learn from recent price action. Short term indecision can cause volatility or lack of direction and we see that lately. Today at 2 p.m. will we get some additional information from a Fed Release that pushes various market sectors one way or the other into a trending move? For Gold, Silver , & Miners I am thinking outside the box a bit today . Lets see what the charts are indicating...
SPX - The MACD looks to be weakening at this point ( weaker MACD & lack of follow through so far).
Read MoreAs mentioned in prior reports, sideways consolidations and bases can build up energy for larger directional moves. The Vix chart above ( click on it) seems to be basing and other sectors also have been moving in sideways in consolidations. If the VIX breaks out & runs eventually, the markets should correct. Lets take a closer look at recent activity and see if we can determine what it means.
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SPX- So far the dips have been bought and trading this pattern has been obvious, but is it due to change sometime soon?
Lets take a look at the NASDAQ...
Read More USD WKLY - looks strong and found support in an important area
The DAILY USD - looks a bit more bearish. The MACD dipped well below the zero line for the first time in a long time. Is that a H&S forming? The outcome of this move could affect all markets.
Lets look at several other sectors...
Read MoreQuick Low Risk Trade Idea -
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