Out Of The Woods?

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The markets had a bit of a drop yesterday, and some recovered and even closed green by the end of the day. Are we out of the woods now, with only upside ahead again?  Let's take a look at some charts...

TNA - We are late in the timing for a dcl, and I could paint a case for the TNA, RUT, IWM, etc as having pulled back enough for a dcl.  It broke a trend line, and closed under the 10sma to satisfy the requirements. A Follow through upside and a break out above the Magenta line would be bullish. What a beautiful run higher the small caps have had.

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Thursday October 19th

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SPX - Yesterday in our comments and in other blogs I read where people were saying how this market can't pull back,  nothing can drop it down, people were adding leverage, etc .  That very thing happened at the various 'tops'  before a big drop on other occasions, late in a daily cycle.  Let me show you the DOW & THE NAZ.

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Wednesday October 18

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DOW JONES -  No change here, just a bullish run up and off of the 50sma that seems like it'll never end, but they do. We are overdue for a dcl, so trailing stop and we'll see if we get that dip this week. The Dow hit 23,000 for the first time ever.  When it hit 21,000 & 22,000 it dipped within 4 days.

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