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Nothing has really changed since the weekend report. The markets have been choppy and difficult to record any gains over the past few days, but I do love the way the Precious Metals sector acted yesterday, so let's take another look at what we have.
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SPX - You can see that these types of sell offs into an ICL can lead to a double bottom, and Monday our General markets sold off further.
DJIA - You may want to look for something like this
HOWEVER....
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DJIA - I can't say with certainty whether this is a long term double top or not, but it has played out as a short term double top. We were expecting this drop into an ICL for weeks . Look at the strong bearish divergence on the MACD & RSI on a weekly basis. I've discuss in my daily reports what to expect going forward.
Read More I love Rocky Road Ice cream, but Rocky Road Trading? Not so much. My last few reports have mentioned that even though we do have a 'low risk entry' for Buying at a swing low in the General Markets and some other areas, stops are a must. It is not a confirmed swing low, and we have volatility and choppiness, so buying the swing doesn't necessarily mean that it will be an easy ride.
In fact, yesterdays report was entitled : 'It Is Still A Rough Ride.' Going into the last day of trading for the week, lets review Thursday and see if this proved true.
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Yes, it proved true - The Dow was down over 399 points and the NASDAQ was down 184 when I captured this in the afternoon...
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SPX - I also mentioned that similar to February and March, things can be choppy around this 50sma, even with a swing low in place.
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