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Lets see how the various market sectors continue to march toward their next big move.
SPX - Many thought that the recent sell off would recover straight up like the one on the left last October. Did you notice the back tests recently? These are acting like resistance points.
Lets look closer...
Read MoreI dont always do a Friday report, because the Thursdays report usually also covers what could follow through on Friday. Since Friday is the last trading day of the week, the weekend report covers it all. I wanted to write one today - Just Bcuz.
SPX - This could be a consolidation to push higher or could be forming a bear flag.
Yesterday it was noted that even when the markets were higher in the morning, the usual suspects were not joining in. That would be F.B., GOOG, AMZN, etc.
Read MoreMany times we hear about buying the pullback, but when the pullback comes, it may be too intimidating to pull the trigger. Did you do any buying yesterday? Lets review the market action and also discuss "Pulling The Trigger".
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SPX - The Spx has turned back down at resistance and has been rejected at the 10sma too. Wednesday the markets reversed back up to the 10 sma. This time it may be able to push higher.
Read MoreIt felt like just about everything in the market was pulling back today. Not all pullbacks will qualify as a 'Buy the dip" candidate, but some may be setting up as a nice opportunity. Lets take a look...
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SPX - This turned down at multiple resistance areas.
Read MoreThis report will be a report on the statistics of what was reported on in the weekend report...
Read MoreIn last weeks reports, I was pointing out the things that were moving and really catching my interest. Lets review and see how things played out and what that can mean going forward.
SPX WKLY - We had a very high volume sell off & reversal this week. The last 2 stand outs had 2 different immediate reactions. Aug 2011 just went sideways for weeks, while Oct 2014 recovered strongly.
Which one is likely here, or is there another possibility? ...
Read MoreI wanted to post tonight because the action today was excellent. I think we may be getting the FAT PITCH that traders wait for all year. Lets take a look...
Read MoreWe all know that the markets don't move in a straight line, and lately the volatility has made the path to successful investing a bit trickier. At times it is best to get a longer term view of where things are headed, so the wiggles or shake ups don't knock us off course. Lets look at some charts.
SPX - This summer I was looking for that drop in the markets.
The question is , is it done?
Read MoreAccording to Tom Petty, "The waiting is the hardest part". I do believe he's right, but at times it is the safest thing to do. For example, did you see the futures yesterday in the morning? The Dow was set to open up hundreds of points higher and in fact, most of the day the Dow was up 300+ points. We were putting in a very nice bounce and suddenly going into the close the Dow sold off and closed down 2o4 points. The S&P and NASDAQ did the same thing. Lets take a look.
DJIA - Both Monday and Tuesday if traders entered the markets during the rally, they were stopped out or seeing red by the close. Today the Futures are up big again.
The markets are very oversold. I expect a bounce up to the major moving averages, but that may actually be a shorting opportunity. Now If you look at the Dow this way, you can see that several more days like we just saw and you could make the case for the formation of a bear flag, wearing off oversold conditions.
Read MoreWe were not long the markets over the weekend, but if you woke up Monday and you were? The above picture is a perfect example of what that probably felt like. Dow futures were down hundreds of points and there was no escaping the bear claws. We expected a drop, but I was very surprised at just how fast and deep things unraveled.
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There will be a bounce, notice on the left side of this chart that even in Bear market sell offs, there are bear market rallies. Pretty big ones. We want to watch how that unfolds, as mentioned in the weekend report.
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