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If you were reading the 'comments' or the chat area yesterday, there was a lot of talk about STEEL and the STEEL STOCKS, so Fridays report will discuss that area and some probable trade set ups in that area and other areas.
STEEL - We'll start with STEEL itself. We have a weekly reversal and a swing low has formed on the daily chart. After the long multi-month consolidation, the weekly RSI is again above 50% and the Stochastics has reached an oversold level. This all looks good.
STEEL DAILY - The daily chart had a nice bullish push higher too, and right off of the 200sma.
Read MoreIn yesterdays report, I was complaining about the boring 'put you to sleep' type of sideways action in the markets lately. Apparently that was the calm before the storm, because later that day we finally saw some pretty big changes take place all in one day. Something interesting occurred in the General markets, Oil had a big drop of almost 4% (!) and the selling in the many of the junior Miners that I had been pointing out picked up the pace too. Let's take a look at the markets and discuss the recent developments.
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SPX - Not a lot has changed here, but I've mentioned that I'm a bit concerned with the XLF . Now there are new threats to the General Markets. The SPX remains under the 50sma and threatens to break below the prior lows. A break down could lead to a good sell off, and a break out higher could lead to a decent rally, but it is getting late in the 3rd daily cycle, so upside may be limited the longer time goes on.
This is interesting though...
Read MoreAs mentioned in Tuesday mornings report, the Markets have been absolutely fabulous lately ( If you needed to catch up on some rest that is). Boring action in almost every sector is putting traders to sleep. let's take a look at what happened on Tuesday!
SPX - Here we see that the SPX, oh wait, that's probably just a day trader as of Tuesday...
SPX - Here we see that the SPX has basically gone sideways for 2 months. Tuesday it was held back by the 10sma again. No real change here.
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