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Did you know that this is a Fed Week? I don't think that anyone is expecting any changes, and so far, not much has changed from the weekend report. Let's have a quick review and discuss the Oil / Energy stock patterns too.
Read MoreLast weeks weekend report showed what the BIGGER BIG PICTURE expectations are. This weekend I want to cover the various sectors and explain in a short clear manner what the expectations in the near term are, going forward.
DOW - As mentioned last weekend, The weekly chart makes it clear that the DOW is not pulling back as much as it normally would during daily cycle draw downs into the Daily Cycle Lows. See the chart.
Read MoreAfter the closing bell Thursday we had a number of companies release their earnings reports. Some of the Big companies like GOOGLE, AMAZON, MICROSOFT, FIRST SOLAR, etc were among the group and received positive reactions, with their stocks shooting up in after hours. Will this usher in the next leg up in the markets ( or maybe we should just say a 'continuation' higher) ? Let's take a closer look...
DJIA - I was expecting a bit more of a correction, but this flag consolidation may simply be a pause in the run higher.
SPX - I would have expected a drop to the 50sma, but if these markets are in a parabolic run, this may be all we get as it also just continues higher. Let's see what Friday brings.
NASDAQ - I expected a drop to the 50sma area, but all those positive earnings last night in GOOG, AMZN, Etc. could get the NASDAQ going again too. Look for a break above the 10sma or this red dotted trend line.
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