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SPX - We saw the markets drop on Wednesday and start to recover as the day ended. I am expecting a dcl, and I do not think that this was it. We could bounce & drop or just continue lower, in my opinion.
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The markets still look a bit mixed, and I am expecting a dip into a dcl, so let's start by taking a look at the current set ups.
DJIA - I am expecting a dip into a daily cycle low and the DJIA appears to have a bearish rising wedge forming. There is room in the apex for another pop, but it should break down from here, since we are due for a dcl. Again, the DJIA is only 1/2 way to the Jan highs. After a decent run out of the last DCL, it has been a bit choppy.
It looks like we are back to Mixed Markets, some sectors stronger than others, but since I am expecting a drop into a DCL, I would be fairly cautious in all areas short term.
Read More Can't you hear the Thunder? There are plenty of rumblings out there in the land of the Miners. They have finally decided to really Join Golds sell off in earnest. We'll discuss that in the precious metals section after a quick market update.
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SPX - I've been expecting a drop in the general markets, and on day 31, closing below the 10sma, this is likely a drop into a dcl starting.
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