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Just when you thought that it was safe to get back in the water, Gary Cohn, one of Trump's top economic advisors, resigns. As the news came out, it spooked the markets and the Futures dropped pretty sharply. They remain down as I write this on Tuesday Night.
Usually these news events that sharply affect the markets do not leave a long lasting impression, so is this just light volume trading that is easily moving things around? Knee jerk reaction? Or is there going to be some follow through after the markets open, dropping us down to a higher low double bottom over the next couple of days? We'll know soon enough. For now, we'll take a look at where we were at the close on Tuesday.
SPX - The SPX remained under the 50sma, but as I mentioned yesterday, the TECH stocks were stronger at this point. The BOX gives you a visual of where 'SPX down -30' would open.
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SPX - Day 15 for the SPX and it is making slow progress to come up and either tag or break back above the 50sma.
However, The Tech Sector is ahead of the SPX & DJIA ...
Read More Almost all of the Markets have become choppy over the past few weeks, so what happened to all of the Bulls? We have found a few Bulls that seem to be moving forward, and I will discuss those in the report. The others may need to be coaxed out of the fields of consolidation, before they can enjoy a nice solid run again. Let's take a look at what happened last week?...
SPX WEEKLY - Here we see that the bounce of the past 2 weeks has curled up the stochastics, so maybe the selling is done, but I have been expecting a test of the lows. Compare last weeks drop to what we saw out of the lows in 2015, the bounce also looks very similar, so ...
SPX - If we are due for a double bottom low, next week could be another down week, as shown here where I drew in an extra candle. This would match the 2015 double bottom lows. Read the chart.
Lets take a look at the flip side.
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