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Not much changed from yesterdays report, so let's start with a quick review...
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SPX - Day 17 and we have a new peak. You could say that these markets are a bit choppy and sideways , but it does continue to climb higher with that action.
Read MoreWeakness followed by a break down in parts of the General Markets ( The TRAN & RUT) was reported here by me over a week ago. Over time, we gradually saw improvement, so that is what was also reported toward the end of last week and in the weekend report. These area would need to be monitored continually. Well, Monday we saw signs of healing, so we need to address that as a starting point.
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RUT - On March 22, the Russell 2000 lost the 50 sma and broke below the prior low. This is a bad sign and needed to be monitored. As this was taking place, the Transports were showing signs of weakness too, so these areas were to be reported on daily.
TRAN - The Transports were also breaking down as noted on March 20
TRAN -A week later the Tran stayed below the 50sma, so this is a concern and caution was warranted.
TRAN - I did point out a bullish possibility, but until the 50sma is recovered, I would be staying away from the Transports, and I would remain cautious in the General Markets.
Read MoreIt doesn't matter if it is a Chess Game, a Football, Baseball, Basketball game , business planning ,or the Stock Markets- I have never known a winning team that did not think ahead and have some kind of a game plan. That's what Fridays report is going to discuss with the Precious Metals Sector...
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