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After my long weekend report, I was planning on just a quick cover of the markets and then discussing various Miners. That plan changed a bit when the market action also changed a little bit. I received a few emails discussing concern over Italy leaving the Eurozone, and problems with Greece, the Euro, etc., and the possible affect on US Markets, so now I'll just briefly discuss this and a number of things...
SPX - I'm looking at 2 things here. Yes,our General Markets dropped a bit, but if Italy and Greece have problems, the US markets could also be considered a bit of a safe haven area. Money could eventually flow into these as an investment, so...
1. If this reversal at the 50sma holds here, this is a nice set up as a low risk entry. It looks like a back test of the recent break out too.
2. If it closes below the 50sma, I would be concerned that things could be breaking down and would become more cautious until things settle down.
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SPX - We discussed the break out from the down trend / triangle as bullish 2 weeks ago, but we really need some upside to increase the big picture bullishness. An ICL in Feb formed and I'd like to see new highs within this intermediate cycle. This is currently a bullish set up, as discussed in the weekday reports.
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