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I'm starting off the weekly report with 2 charts that I used in the comments section of a recent report. Then we will cover the markets and especially Oil & Precious metals.
These 2 charts were used last week simply to point out the phenomenon that often happens in the markets. It is the round number phenomenon, where markets tend to find support & resistance at round numbers.
SPX - Here you can see how traders temporarily sell at round number resistance or buy at round number support and this affects price action.
GOLD - And my point is that this can just be a temporary pause. A sideways move may begin and build energy for the next break of resistance. Gold was near 1300.
Read More Let's talk about 3 things here today...
1. QQQ - I thought that QQQ was a bull trap for several reasons, like Cycle timing, The MACD, the Open Gap was pretty obvious, and other internal factors were keeping me cautious, but the Bulls were still buying each reversal.Was this just another Bull Trap?
QQQ - The NASDAQ dropped as expected, actually losing 123 points. The QQQ slammed into the 50sma and it could bounce from here, but ...
Patience in this area is important. I doubt that we will get a swing low on Friday, with a candle as big as yesterdays in place.
Read MoreI sure hope that it is break time! Let's take a look at our markets after the Fed minutes were released...
QQQ - I captured this chart at 1:49 p.m.- right before the Fed Minutes were released. Do you see similarities in the blue boxes that I have been pointing out? I don't like that gap.
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