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I'm going to start this report with a quick view of the Markets in general, and then I have PART 2 of "What am I watching for during this correction".
SPX - Our daily cycle count is either day 35 and one more drop to come, or the low is in place and Tuesday was day 1. Another drop would be expected, it can give us the normal 'shake out' at the 200sma and shake off the early buy the dips people again. 2638.30 is the upside number to put a swing in place, but let me show you a few other charts backing up the thought that we are at least near the lows ...
Read MoreThis is going to be a relatively short report, with some market coverage and some charts of individual stocks too. The reason is that honestly, our expectations from the very long weekend report and last week have not changed with Mondays action. Let's take a look...
SPX - We now have a day 34 Low. Our cycle count for this daily cycle is maturing, we will be looking for the next DCL or an ICL to arrive soon. The Feeb Lows were not taken out at this point. Reminder: If we are to drop into an ICL, that drop can cascade sharply, so I have been admonishing the readers here that we wait patiently wait with Cash for a DCL. A recovery here could become a 'shake out" in the 200sma.
Read MoreWe usually do a Big Picture view on the weekend report, but we leave more of the short term details to the daily reports. In this weekend report, the Big Picture may take on a bit more importance. Why? Because as March ended, along with the daily details of the Mid week reports, we now have the end of the Week, the end of The Month of March, and The End of the 1st Quarter of the year.
So let's take a BIG PICTURE view along with a few close up daily charts and see if anything stands out...
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