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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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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.
Read More So far in the markets it seemed like Everything had been taking turns moving higher, right? Aa a lean Green fighting machine, we've seen Tech, Biotech, Oil & Energy, Precious metals, metals and miners all enjoying a day in the limelight. All the charts are looking great!
....Or are they?
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On a day when the NASDAQ had what would be considered a normal healthy pull back,
SOX ( Or SOXL) Semiconductors - Suddenly yesterday, behind the beauty cracks appeared.
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