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SPX - I still have concerns with the weakness internally of the XLF, so I'm watching the General Markets closely. So far we have a swing low and a move that closed above the 10sma Wednesday. Anyone long should still be using a stop as we wait for an overhead trend-line to be broken.
Read More Here we are midweek and we have lots of changes to discuss in our review, so let's get right to it...
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SPX - I was expecting 1 of 2 things, either a deep drop into an ICL, or a shallow drop that may eventually lead to a blow off parabolic type top later. So far the dip to the 50sma reversed on Monday and Tuesday saw some follow through. That is a swing low in place and it almost closed above the 10sma, so you have an entry and a place to put a stop, even if the selling isn't really complete.
Let's discuss this further...
Read MoreWith the recent volatility in the markets, we have seen the equity markets sell off, Banking and the XLF were hit hard, Oil & Energy stocks sold down, NATGAS bottomed , and The Miners and Metals have been volatile in their own way. In this environment, we had to try to find a few trades while balancing the risk. There are times that trade set ups are everywhere, yet at other times, like during these choppy volatile markets, it may be best to take it slow, keep position size smaller, and for some it is even best to just wait. This choppy market action eventually sets up the next series of trades.
Despite the choppiness, we still found a few bullish trade set ups and some have already been really rewarding. I want to point out a few more of these trade set ups after we review the market activity for Monday.
SPX - The General markets gapped down and then put in a reversal around the 50sma. You could buy this with a stop below the 50sma, but it is hard to tell if all of the selling is really done without some follow through. The 'safer' buy is still ahead. We'll see what Tuesday brings.
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