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It's what we at Chartfreak have been expecting, but I think there could be even more to the story 🙂
More later in the report, lets review all market sectors first...
Read MoreThere was a lot of action in the markets today, maybe that was due to the Beige Book and Fed Yellen Speech . Reminder: DRAGHI speaks Thursday morning and we have a jobs report Friday morning.
I wanted to just keep It Simple today, and let the charts do the talking. Lets see what they have to say...
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SPX - Dec 1 - I was pointing out that the chart looked bullish, but as it moved higher the MACD was 'concerning'.
SPX - Now both Price and the MACD are concerning. That could be a bearish engulfing, even though the futures are pointing higher as I write.
Read on for more...
Read MoreJust a reminder that the Fed will be speaking at 12:45
Read MoreI believe that today the Beige book is released and Janet Yellen speaks. Will that change current conditions in the market? We'll see, but right now in a sector that sold off to new lows, we are seeing leaders emerge. We'll discuss that after a brief review of the markets.
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SPX - I'm noticing a weak MACD ,but the RSI looks good. I still think that the markets can break to new highs, but being the 3rd daily cycle I also think that the upside may be capped a bit for now. Notice how the 10sma held the decline.
Read MoreIn my weekend report I warned about a possible false break down in Gold. I received emails saying that many 'shorted this sucker for the final flush down phase'. I repeat, Please use & honor your 'stops', I see things differently. I'll explain after a market review.
The SPX was looking bullish and I expected a break to higher price, but today there are areas that need to be noted and watched.
IWM - This also had a semi high volume rejection at the 200sma. That doesn't mean that it is done, but we'll watch to see if the 10sma or another area of support can hold it up.
Here is where it gets interesting...
Read MoreThis was possibly going to be a slow week of holiday trading, with Thursdays markets closed in the U.S. and 1/2 day Friday. In some areas we actually saw some noteworthy changes. Lets take a look at our weeks activities.
SPX - No change from what we expected, but we should see a push higher soon.
This is encouraging ...
Read More This is a holiday week in the U.S., so I would expect that the markets may begin to slow down as the holiday approaches. Lets review what took place Monday. There actually were a couple of noteworthy occurrences since the weekend report.
Read MoreWith the release of the Fed Minutes Wednesday, we got a good amount of action in the markets this week. Lets review sector by sector.
The SPY - On Nov 16, with a day 25 high in place, I expected a bullish break higher and a DCL to be put in place.
SPX Nov 18 - This was a bullish break out back above the 200sma.
That was follow through after the release of the fed minutes. What can we expect?
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