Feb 24th Weekend Report

With recent market volatility and a potential V-Type Bottom in place in the General Markets, I wanted to review the current markets, but along with that, I will also have a separate 'lesson' at the end of the report.  It will address why it is a set up to play long out of those lows, but it is also prudent to proceed with caution.  Why use the trailing stop?

 

SPX DAILY - Day 9 and the SPX closed above the 50 sma Friday.  Many here bought this reversal off of the 200sma when it was mentioned 2 weeks ago, and after stalling for a week in a bull flag,  it looks like it may give additional follow through next week.

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Friday – Carrying A Lighter Load

As mentioned in yesterdays report, I find that as each day goes by I have taken profits and lightened the load a little bit  since buying the reversal low in Miners.  I am doing this until the volatility, and thus the short term uncertainty, passes.  Let's review the markets again...

 

SPX REVIEW AGAIN -  Feb 6th I pointed out that Markets may drop a-b-c style to the 200 sma, and then flounder around trying to form a base.

NASDAQ -  That went for the NASDAQ & DOW too, as seen here...

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February 22 – No Straight Path

SPX - REMINDER:  2 weeks ago I showed how the Markets can base build after such a sharp drop & added volatility.  I mentioned that they may  drop to the 200sma in an  A-B-C type drop and then even go sideways.  SPX actually did drop to that 200sma after I posted this ,  so this may be base building.  See the next chart...

SPX - So far, the above pattern is playing out. Drop to the 200sma and now we wait and see.

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