Weekend Report – Changes

It comes as no surprise that markets can evolve and change over time, so when a change appears, it is best to listen.  It may or may not amount to anything in the long run, but we take note of any changes anyway.  That said,  I have seen 'changes' in the markets this week in a couple of areas, so we will listen, discuss, and prepare. As I mentioned, they may not amount to anything permanent, but we still need to listen and prepare, so let's discuss some changes in the weekend report.

 

SPX - No change here, but I wanted to point out that in the past, the SPX did visit the 50sma a couple of times before moving higher. These were areas of ICLs that did not sell off as deeply as the ones in the past  (see JULY & NOV 2016). So, will the markets just continue higher, or are we coming due for one soon?...

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Friday November 17- A Lot Going On

Today is Friday and it is the last trading day of the week, so let's take a look at the markets and then discuss a couple more trade set up ideas.

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Thursday November 16th

   

SPX - The drop continues as the SPX is seeking out the next DCL. The trend line is broken and the 10sma has been lost.  I actually thought that the 25th could have been a dcl, with the trend line break and close below the 10sma, so now I am simply watching for a swing low first, and then a close above the 10sma.  Either I drew the trend line wrong and the 25th was not a dcl, or this is a very L.T. daily cycle on day 15.  The divergence that I was pointing out over a week ago is playing out, so our 'caution' was warranted.

ALSO ...

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