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Sometimes building bridges by means of consolidation pave the way to higher ground. I will discuss that later in the report, after a quick market review.
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SPX - Again, this is like a melt up phase, and if I were long I would use trailing stops and let it ride. That long bridge of consolidation has built up some energy.
This was eye opening...
Read MoreTuesday had Janet Yellen speaking before congress, and the USD and Gold both actually acted as expected. That's a relief. Let's review the markets and then of course we have to discuss the day that Nak got Whacked. What can we expect next after that big reversal?
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SPX - The markets are on their way higher after a long consolidation. That consolidation gives energy to the move and even though the vix is low, I would just use a trailing stop and follow this higher. It is turning into a nice steady move higher at this point, and these can just melt upward.
Read MoreI believe that Fed Chairman Janet Yellen is meeting with congress on Tuesday to discuss monetary policy. This could affect the USD and Precious metals if she mentions inflation and interest rate hike expectations, so let's take a look at what the charts are telling us.
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The SPX continued higher, and this makes this likely a right translated daily cycle. The bullishness of the general markets is holding on.
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