https://chartfreak.com/wp-content/uploads/sites/18/2015/08/Hardest-part.jpg 478 842 Alex - Chart Freak https://www.chartfreak.com/wp-content/uploads/sites/18/2019/11/Chart-Freak-site-logo.png Alex - Chart Freak2015-08-26 12:17:022015-08-26 12:24:51The Hardest Part
According 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 More
https://chartfreak.com/wp-content/uploads/sites/18/2015/08/TRAPPED.jpg 555 808 Alex - Chart Freak https://www.chartfreak.com/wp-content/uploads/sites/18/2019/11/Chart-Freak-site-logo.png Alex - Chart Freak2015-08-25 04:22:072015-08-25 04:22:07TRAPPED
We 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..
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.Read More
https://chartfreak.com/wp-content/uploads/sites/18/2015/08/CRACKED.jpg 492 712 Alex - Chart Freak https://www.chartfreak.com/wp-content/uploads/sites/18/2019/11/Chart-Freak-site-logo.png Alex - Chart Freak2015-08-24 11:12:562015-08-24 11:12:56How’s It Going?