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As the various sectors bounce out of their recent lows, they continue to do pretty good on the Climbing Wall. Some may be climbing the so called 'Wall of worry'. Let's take a look at the progress...
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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.
Read MoreIn The last quarter of 2018, various areas of the markets began drying up and going stale. We saw the equity markets & Oil crashing down and many good set ups that would form would quickly fall apart. Trades in Miners and some of the Medical Marijuana companies were playing out ok, but there was definitely a choppy vibe in the GDX & GDXJ area too, into December.
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Suddenly, we have seen bottoms develop (temporary or longer term bottom remains to be seen), and along with these bottoms are set ups that are finally working out, and many are working out very well. Let's take a look at Mondays action...
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REMINDER: At the end of December, IN MY REPORT, I mentioned that this reversal candle on day 39, was a buy in technical analysis, with a stop under that days lows. If an ICL is in place (Day 1) , those lows will not be broken for weeks. So far, this is playing out well. You can see that I said that " This is a BUY" in that December report.
Read MoreWe have all seen changes take place in various places during our lifetime. The Theme picture highlights how things have changed from your parents day to today, or maybe even your youth to today. Changes can be gradual or sudden, and in the markets we have seen both gradual changes in character to sudden sharp change in market direction and sentiment. Bull to Bear and Bearish to Bullish. As we review our Big Picture of the Markets, we can keep the idea of those types of 'Changes' in mind.
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The 600 Point drop in the DJIA Thursday did not concern me. We caught the lows and I posted this after Thursdays trading...
SPX DAILY - We caught the lows with Decembers reversal and day 6 flipped higher off of the trend line & had nice follow through. I WOULD SAY THAT YOU CAN NOW RAISE STOPS TO THURSDAYS LOWS TO BE SAFE. The blue line resistance can be broken, I just drew it to show where we may stall.
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