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The Dollar was ripping higher this week and we saw the Markets break out higher too. Oddly enough, Gold, Silver, and the Miners were staying green during that run higher too. That was different. Lets take a look at the weeks action and discuss what we are seeing.
SPX WKLY - This was pretty impressive, I expected at least a pause at overhead resistance. Notice the break above horizontal resistance / Magenta line too ( I will discuss that in a moment).
I had this chart in a report last week, to show that the SPX broke down from a long term channel and may struggle a bit ( Just a Back Test or break back inside?). We are very close to breaking back inside.
So here is what I wanted to look at next...
Read MoreDid you see the Dollar rocket higher 1.38 and not send Gold, Silver, and the Miners to their knees? Silver and Miners actually closed higher, so that was like a crazy illusion. And then AMZN reported a profit and shot up $70 in after hrs, MCD, GOOG, and MSFT are up big in after hrs after the markets already broke out higher today. Lets check out the action...
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SPX - The SPX , DJIA, and NASDAQ broke out today, but the BIIB, IWM & IWC lagged seriously.
Read MoreDid you read my Tuesday report and the Wednesday report? Not much has changed in the way of expectations really. We could say that we are just seeing a slight variation of the same theme.
Wednesday morning I pointed out the resistance above at the close on Tuesday for the NASDAQ, SPX, IWM, etc. Even though the Futures were Green, I thought that we would drop later in the day.
NASDAQ Tuesday OCT 20
Read MoreMany sectors of the market look ready to break one way or the other. Can we gain an edge as to which way they will go, or is it just a coin toss? Lets take a closer look.
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This was the NASDAQ at the close on Monday. It was pushing against resistance in various forms.
Notice what seems to have showed up by the close today...
Read MoreMondays show opened up to mixed reviews.
SPX - SO far we have seen a nice move up from the double bottom lows, but there is some resistance slightly overhead.
So here is where the reviews get a bit mixed...
Read MoreWeek in review, lets see how things are growing...
SPX - Are we setting up for a back test and rejection? Or are we about to break through?
Lets look at some clues...
Read MoreI'll tell you whats up. The SPX , DJIA, NASDAQ, IBB, IWM, SOX, USD, OIL, OIH, XLE, SILVER, all closed higher and GOLD & GDX were for up for most of the day too. Yes, it was Green just about everywhere except for NATGAS. Lets discuss the points of interest.
This is basically what the SPX, NASDAQ, DJIA, IWM, etc. all looked like.
Read MoreSome of the 'set ups' mentioned last week are running now, other stocks that ran recently have pulled back and may be currently setting up to make another run higher. Lets discuss this after our market review. Something interesting may be happening there too.
From yesterdays report, we saw this in a few sectors
Now we are getting a little follow through to the downside
This caught my eye however...
Read MoreThe markets didn't move in quantum leaps yesterday, but there was a little change in how we may want to view things. Lets discuss what stayed the same and what may have changed.
IWM - We saw a reversal at a point of resistance
Read MoreI was a little surprised to see the dollar down and also see the $CRB, $GDX, and $OIL down too. They've all had nice moves out of their lows, and now it looks like it may be the moment of truth. Time to see if it was just another bear market rally or could it be the start of something more?
WTIC - From the weekend report. I had been expecting the 200sma to offer resistance and a quick dip lower.
There are a couple of other factors in play that I am watching too at this point.
Read More
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