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The markets are basically moving as expected, so without a whole lot of change, there isnt a whole lot to talk about. We'll do a quick market and then discuss some trade ideas.
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SPX- Good follow through.
I've been discussing a rally for 2 weeks now, but where do I think this is heading?
Read MoreThe markets have been quite volatile and choppy, and that can be difficult to trade. At chartfreak, we've been focusing on bases and up trends, so lets do a market review and discuss this further.
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SPX- I've been saying that I expect higher price, but this has been quite choppy. If we dont get a surge higher soon, this could become an overbought bearish rising wedge.
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Read MoreWe reach the end of the month on Monday, so Monthly charts will come in to play too. Right now we'll take a look at how things are playing out using weekly and daily charts.
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Read MoreThere were reversals all over the place yesterday. From the Market sell off and Oil reversing higher, to Gold and The Miners breaking out only to turn lower. What can we expect going forward?
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SPX - Volatility has produced many reversal here at the lows, but I think they were just clearing everyone out before a run higher.
In an earlier report, I pointed out this possibility, and we see it playing out...
Read MoreI've been expecting a multi week rally in the markets since Feb 11, and so far it is pretty lack luster. I noticed weakness in the SPX on Monday and mentioned that I thought this would cause the 'rally' to stall.
I posted this chart, read the writing.
The SPX was rejected at the 50 sma.
Read MoreWell, I had a weekend report with 32 charts and not much has changed in one trading day, so lets do a little review and then look at some trade set ups.
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Last week we saw a healthy set up for a move higher
This week...
Read MoreWe have been on a rocket ship ride for a month now in Gold & Miners. Whenever someone posts a "Rocket" as a headline picture in their report, we usually immediately get a pullback. I'm ready, so I thought that I would give it a try 🙂
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This is the rocket (this was my chart from Feb 16).
We will discuss Precious Metals in a moment, but first lets do a complete review starting with the SPX...
Read MorePrecious metals and especially individual miners keep climbing higher. Wave after wave, the dust buyers and shorts are getting hammered. This wasn't entirely unexpected, that is why I mentioned taking some profits and letting partial positions ride. This runaway , melting upward type of move can be rewarding, but cycle wise, it is will pause or pull back soon. We'll discuss that. The markets were moving up off of their lows too, but they stalled on Thursday. Oil turned back down too. To the charts...
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It's Friday, so there isnt much to say with only 1 trading day left, but lets take a look and see what we can learn.
This was 1 of my 2 Gold charts from Thursday mornings report. Gold actually hit $1240 as the day went on, so it looks like that flag pattern could form. While it does look like that Flag pattern could form, I actually think we may see something else too.
Let me show you what I think is happening now...
Read MoreEven in the toughest of environments, we see seedlings take root and blossoms shoot up. We also see the same thing happen in the toughest environment in the markets. At the time it may seem quite contrary, but this is also how bear markets can turn into Bulls. Are we seeing that now? lets look at some charts...
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Starting with the SPX. We have expected this rally , but will it lead to new highs, or will it roll over?
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I think that this move is just starting and it can last for a couple of weeks. Notice how the Rally in October didn't lead to new highs and broke down to lower lows. We have lower highs and lower lows in the markets now. I have drawn in several resistance points and we will see how the markets react as time goes on. This is NOT near a point that I would short it. I would remain long, maybe lighten up in a week or so. The BLUE BOX is an idea of what we may see.
We will obviously discuss what's unfolding as time goes on, but take a look at this...
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