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Well, the markets decided not to run together again, so let's take a look at the recent changes.
SPX - The SPX stalled and had a heavy volume doji candle stick. This is often a top or point of indecision...
I want to remind readers of something that I wrote the other day...
Read MoreSometimes the markets are a bit hazy, and they need to be explained or clarified, but then at other times you can look at the Charts and it just looks like the facts speak for themselves. At this point, things seem pretty straight forward, so I am going to try to keep the chit chat minimal, and let the charts do the talking. Just The Facts please...
Bitcoin started tacking on 'hundreds' overnight, surpassing the initial target that I had mentioned, and reaching toward the extended targets that I had. I do believe that this is a parabolic move and it will eventually fall just as rapidly. This chart seems to show that we had that type of fall intraday, if it is an accurate chart.
SPX - In the last report I mentioned stay long if you are long, but it may be best to start tightening up trailing stops ( Due to BKX , TRAN, and divergences) and we'd have to see how this plays out. Boom, the long play continues on day 8. Just the facts.
TNA 3X Small Caps - I expected a gap fill and a tag of the 10sma anyway, but it just took off higher. I'd keep a stop under the 50sma & raise it as price rises.
Read MoreToday I want to do a quick review of our markets, since not much has changed, and then I will discuss a few more trade ideas. We have been killing it with Bitcoin or blockchain trades, but another sector deserves our attention too. I have mentioned it in the past couple of weeks, and I still believe that it is also ready to go.
5 Charts to discuss the markets
SPX - The DCL is in place, so this is another long position in a bull market for those that trade the SPX, UPRO, etc. Is it blue skies ahead? Maybe not, so for those riding TQQQ, please see the next chart...
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