4-25-2018 – Hanging On

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 It is earnings season this week and suddenly we are seeing the Markets sell down, even when reports do not seem that bad.  Let's do a quick review...

   

SPX APRIL 20-  Last week I looked at the move out of the Feb lows and noticed a pretty drastic sell off on day 13 & 14 below the 50sma, so I drew the SPX chart with a similar drop into day 14, a bounce, and then possibly another drop.

SPX APRIL 23 - Monday I thought that by day 15 we would get our 1/2 cycle low, and then a bounce higher.  The markets were so strong in Oct, Nov, Dec, and Jan that I would expect them to at least make a double top, eventually running to the former highs.  On Tuesday...

SPX - We are REALLY seeing a struggle here to gain some traction.  2553.80  IS CRITICAL in my opinion. If those lows break, this would appear to be  a failed daily cycle.

And in addition to that, I posted this chart in the comments section yesterday.

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April 21st – Not A Whole Lot Of Change Here

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With Mondays trading, we didn't see a lot of change, and our expectations remain the same, so let's do a Tuesday Morning review...

 

SPX  - This should be a 1/2 cycle dip, and we need to see price break higher soon. I expect that it will back toward the recent highs, and if it does, this current action could look like a shake out at the 50sma.  So far, the move out of the lows has been a sideways consolidation.

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4-21 Take A Look

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SPX DAILY - This is where the SPX  stands with its cycle count. We experienced a bit of weakness at the end of last week, and you all know my Big Picture outlook.  This could be playing out the way it was presented in the weekend report 3 weeks and also 2 weeks ago. On the chart I wrote  week, and meant 'weak'.

SPX WEEKLY - Nothing is wrong with the weekly chart at this point, but it was rejected temporarily at the down trend line, and I want to discuss the big picture further in this report.

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