May 10th – Changes

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We do see some changes occurring in the markets, so let's discuss them.  They may be just temporary or they could last for a little while, so we will discuss that too.

   

SPX - This was an engulfing candle, but they bought it back toward the end of the day. Could this be the start of the dip into a dcl?

IWM -  I like to use the Russell 2000 and the NYA to get a better picture of the general markets. We see the 2 gaps have already filled here, but the stochastics is still not oversold and therefore more downside is possible.

NASDAQ - The NASDAQ , which has been very strong, also seems to have put in a topping candle, so we could see some selling in the markets going forward.

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5-8-17 Short And Sweet

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Todays report will be short and sweet, there is no need to cover 'everything' after the weekend report, but it does still include over 20 charts to cover a number of ideas, some new and others that we have discussed in prior reports.

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MAY 6th Weekend Report

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Keeping in mind that we have the French Elections on Sunday and the results can cause a short term reaction, let's review the market action from last week and our current expectations.

 

SPX WEEKLY - The SPX finally broke to new highs last week ( We know that the Nasdaq has been running like a bull).

 

SPX -  The SPX will be due to drop down into its own ICL soon. In the past the 200ma has been rather reliable as a support.  Since the 200 is rising, maybe the SPX will see 2300?  As you can see from previous drops down into an icl, a drop like that can take a few weeks once it starts to roll over.  "Sell in May and go away?"

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