Jan 12th Weekend Review

This is the weekend report, where we can monitor the progress that the various sectors of the market have made, and what we may expect going forward.   Since I give a more detailed day to day update in the daily reports,  I often focus  mainly on the Big Picture in the weekend reports by using the weekly or Monthly charts. This week , however,  I will start with the daily charts in a couple of the sectors, to  include a  close up of where we are now, and then we'll get into our Big Picture Outlook.


QQQ Daily - We are pausing at the  50 sma, as expected.   Will we go sideways or pull back?  It really shouldn't matter, at day 12, I think that we should still break above the 50sma in the first daily cycle and maybe back test it on the dcl later...


QQQ WEEKLY - This is an area that POSSIBLY may eventually become an important topping point.  We are watching this s things unfold. If the FED stops raising rates in early 2019, I wouldn't rule out that the markets can hang in there a bit longer.  FED PROPPED.  I still lean toward a H&S top though, with highs in place. 

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Friday Jan 11th

Today is Friday, the last day of trading for the week.  It really has been a great couple of weeks of trading , so let's discuss a few things...


This was in yesterdays report...


QQQ –  I am also starting to see what look like rising wedges in The Nasdaq.  This can push higher, but keep an eye on it.  These can be short term bearish, and often break down, an example of this was seen last  February and April.


QQQ - The QQQ tagged the 50ssma and the wedge remains  in view.  Read the chart.

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Thursday – Decisions And Risk Reward

As was mentioned in yesterdays report, a variety of  the markets sectors have been climbing higher and trading has been excellent. Let's examine our current markets...


This was in yesterdays report-

SPX #1 – If this is an ICL, we should have a month or two off of the lows, but we are seeing price enter ‘resistance’ areas.  It CAN push higher, but we are nearing an area that may offer resistance and stall price too.  The markets have been straight up, but going forward they may get choppy.

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