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SPX WEEKLY - So far this looks quite similar to the Early 2018 Choppiness, but I did explain one big difference in Fridays report ...
Read More After dropping 800 points on Tuesday, if I told you that the DOW JONES rallied more than 700 Points on Thursday, would you believe me?
Well, it actually did, but that was only after it dropped over another 800 points first! These markets have been fast, choppy, and Crazy at times. Within just 1 week we saw 2 Bullish bursts after Powell and the G20 Mtg, followed by 2 days of crashing that actually erased weeks of trading.
Well, today is Friday, the last trading day of the week. Let's look at some of the market action, and this weekend I will cover more detail in the Big Picture Weekend Update. ...
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SPX #1- Day 26 of this daily cycle saw a big crash & a big reversal too. What Might be next in the short term ?
Read MoreWell, it has only been 1 trading day since my last Tuesday morning report, what has changed since then? The Theme Picture of this report is a hint. Wow!
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Review for those that need it: The markets have been very volatile lately. Since the Sell off in the month of October to a trade-able Low, the trading has been very choppy ( as expected). As of last week, we had a 'Powell Pop' 5 trading days ago, and then price moved to the 50 & 200 sma as we approached the 'G20 Weekend Meeting'. The daily cycle was getting old at day 23, and that 50 & 200 could be strong resistance, so what would happen after that G20 Meeting? Well, Monday had another Gap open higher, right above both the 50 & 200 sma, but it closed in a doji candle with a gap under it. That looked very strong & convincing for this daily cycle, but I did note that the Doji could indicate a dip down to close that gap. A stop under the 10sma was advised. Well, from there, we can discuss Tuesdays trading, a day that actually saw the Dow lose 800 Points!
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