Jan 25th – Even More Hope Ahead?

/in /by

After avoiding the stormy waters of the sell off in October through December, we had the hope of a nice rally out of the ICL , and some good trading opportunities presented themselves.  I have mentioned the importance of watching how the first daily cycle unfolds, and especially the 2nd daily cycle.  Well, we have some 'things' to look at that add hope that the current gains may continue for a while longer...

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Just yesterday I said and drew these two things about the market...

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Jan 24th – Swim At Your Own Risk

/in /by

When a Red Flag shows up on the beach, it means that for some reason, it is unsafe to swim in those waters. Well, after 3 nice weeks of gains  in the Oil & Energy sector, I am still seeing a Red Flag in those waters. As mentioned in yesterdays report, Oil itself still looks fine, but it seems that some of the Oil / Energy stocks may not like the waters that they find themselves swimming in. It looks like a Red Flag to me.

Let's take a look at our markets...

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SPX - I mentioned that the General Markets can pull back to a 1/2 cycle low, or just go sideways along the 50sma . So far they are going sideways along the 50sma. I expect higher price ...

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Jan 23rd – Wednesday

/in /by
   

SPX - Day 17 has us in the middle of a move out of an ICL, and it is overbought.  The short term move gets difficult to predict from this point, since it could dip to a 1/2 cycle low and then continue higher, or it may just churn sideways along the 50sma as it struggles in a wedge.  Price held above that 50sma,  but the Wedge is cautionary short term. My long term view remains the same.

   

Let's look a bit closer...

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