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Week after week we are seeing very good action and even fairly clear predictability in the various sectors. We have experienced some great gains in Miners, Energy, and Commodities for all of 2016. I have to keep reminding myself, and so I want to remind the readers here too, that pull backs and corrections are expected and keep a market healthy. Lets review our markets and discuss that idea further.
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I'll start with the NASDAQ WKLY - The NASDAQ hasn't been as robust in its recovery as the SPX. It almost looks to be rolling over, so lets keep an eye on it.
The SPX Daily began rolling over, but I see bullish signs too. Remember that corrections and pull backs can be healthy. Is this a healthy pull back?
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Read MoreWe have goals and we want to reach are targets, but often there are obstacles that can pop up along the way. Can we still reach are targets along the way. Yes. Lets do a quick market review and discuss our current trading.
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SPX - I noticed a couple of days ago that the NASDAQ was selling off, but the SPX & DOW were holding up. Now the SPX started to sell off. The stochastics shows that it can fall for a while. I'm watching a few support areas. We'll discuss this more in the weekend report.
NASDAQ - The downtrend from the MAY 2015 highs is still in place. Lower lows and lower highs so far. On this chart I am pointing out that when the NAZ broke down last fall, it broke through the 200sma, but the 50sma was not violated.
Read MoreA farmer has to take advantage of the opportunity to make hay when the sun shines. If he has other things to do, they'll have to wait for a rainy day. He cannot make hay on a rainy day. A trader or investor has to invest when the 'set ups' are ready. If the low risk set ups have presented themselves, and he or she decided to pursue something else for a while, by the time they return, the opportunity may be gone.
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With that in mind, lets make some Hay today.
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WTIC - Think about this. Last week I pointed out that OIL would move higher, but it is in a resistance area. It could struggle a bit. There is good news with this...
Read MoreReady for what? For one thing, we are at another Fed Wednesday. Yes, that's right, the latest Fed Decision on interest rates is released today, and usually we have to get ready for any possible volatility. This time I dont expect much in the way of a surprise there, but we may want to start getting ready for the trades that the charts are setting up for.
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On April 20th I posted this chart of Oil. I've been bullish on Oil since the Feb Lows, and it still wanted to go higher. There is a resistance area in blue, but Oil looks like it wants to move to at least the top of that area for now. I listed many Energy / Oil companies that were set up bullishly.
Last Thursday I showed how Oil would have to work its way through resistance, but was still going higher. You can see last Fridays report for a list of Oil/ Energy stocks that were setting up bullishly.
Read MoreWhenever we as traders get really really comfortable with our trades and trading, I think it is always a good idea to go back and shake things up a bit, just to keep us on our toes. Since not a lot has changed on the charts from the weekend report through Mondays trading day - I wanted to focus on trading and 'trade set ups'.
Read MoreI just wanted to post this Friday report to mention a couple of things about our trades.
CRB - This was my Tuesday chart of the CRB. Notice the area where it was expected to run to , and then it might hit resistance.
Today the CRB hit the 200sma and turned down. Is the Run complete?
Read MoreThursday - 2 trading days left in the week. Again we have had another great week of trading, but how long will this last? Should I sell my positions? Lets do a quick market review and then discuss positions.
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SPX - April 18 had the markets Bullishly moving higher.
SPX April 20 - The SPX is almost at the November highs and remains bullishly aligned. This may be an area that gives resistance, or the shorts may pile in and be forced to cover if it breaks to new highs.
Read MoreIt's all a matter of perspective. If you fell asleep Sunday night and didn't wake up until after the market closed on Monday, you may have thought that not a lot had happened. If, however, you read my report Monday morning , you saw that Oil had dropped 4% overnight. CNBC and many other sources of information where lit up. Was 'Oil dropping to the 20's again'? Was it 'a great time to go short'? No, Cycle timing and the charts were pointing to possibly just a small pull back. We are invested in Oil & Energy, so this was important. This was our Oil chart in the report.
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WTIC - Oil was early in the 2nd daily cycle, and the first one was R.T., so I expected more than just a day 6th high in this run. Maybe we would get a gap fill?
WTIC MONDAY - Many ( Not here at Chartfreak) likely jumped in on the short side pre-market, but the shorts got overwhelmed. This reversal did fill the gap and it did something else too...
Notice this important observation
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