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Yesterday was Fed Wednesday and as usual we had a little reaction to the Fed Release. Lets take a look at the charts
SPX– closed higher but couldn’t hold above the 50sma. It still looks bullish at least for a run to the highs of this trading range. Why would that looked like a mixed picture?
The weekly SPX looks to be weakening over time. Tops are a process and we could be seeing that process playing out now.
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First we look at the charts and see what we can learn from recent price action. Short term indecision can cause volatility or lack of direction and we see that lately. Today at 2 p.m. will we get some additional information from a Fed Release that pushes various market sectors one way or the other into a trending move? For Gold, Silver , & Miners I am thinking outside the box a bit today . Lets see what the charts are indicating…
SPX – The MACD looks to be weakening at this point ( weaker MACD & lack of follow through so far).
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As mentioned in prior reports, sideways consolidations and bases can build up energy for larger directional moves. The Vix chart above ( click on it) seems to be basing and other sectors also have been moving in sideways in consolidations. If the VIX breaks out & runs eventually, the markets should correct. Lets take a closer look at recent activity and see if we can determine what it means.
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SPX– So far the dips have been bought and trading this pattern has been obvious, but is it due to change sometime soon?
Lets take a look at the NASDAQ…
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USD WKLY – looks strong and found support in an important area
The DAILY USD – looks a bit more bearish. The MACD dipped well below the zero line for the first time in a long time. Is that a H&S forming? The outcome of this move could affect all markets.
Lets look at several other sectors…
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Quick Low Risk Trade Idea –
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Things are stacking up as expected.
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SPX – it was assumed that we would turn higher here. A low risk long trade.
SPX – this was the follow through as of yesterday, and its still oversold.
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If your favorite color is GREEN, then you probably like the futures this morning at 6 a.m. Eastern time. Is Green expected to continue as the color of the day? lets take a look.
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SPX- yesterday I thought we could expect a reversal and it looks to have happened
The NASDAQ looks very much the same, except…
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It seems that things continue to play out as outlined here over the past few weeks and months. Lets look at the charts.
SPX– watch this number. SPX needs to bounce soon.
The markets have not had a healthy correction in years. A long term chart shows …
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The charts have lots to say, lets just look at the charts….
SPX– I have been watching a wedge pattern for months. It looks a lot like it broke down & back-tested (Orange Arrow) It needs to break higher real soon or it will continue to just roll over.
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I dont always do a Friday report, but things looked fairly interesting today in various markets. There is uncertainty in the waters below and it may be up to the Friday Jobs report to set things in motion. May the picture above emphasize the need to honor stops so we can trade another day .
$TRAN- We’ve discussed the Dow Theory and “sell In May” concepts. Will Fridays jobs report bring recovery or sell off?
The TRAN also made the 50/200 Death cross.
Lets look at the SPX…
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