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When I look at the various sectors of the market, they still seem to be moving at various rates, so we have a bit of a mixed set up. Let's take a look at this mixture...
SPX - Here we have the SPX acting as expected. A possible 1/2 cycle low after getting a bit ahead of the 10sma. Some have been riding this for a long time now, with a trailing stop. If you bought UPRO at the DCL, you could try adding if that was your goal. You can see that the SPX does at times break the 10sma & recover, so be prepared for that possibility. See SEPT & OCT.
Read MoreThere are a few things that I will be watching today...
Read MoreAs mentioned last week, we want to keep some of our open energy trades on a short leash. They were up 20% or so, so after a brief market review, let's take a look, take some profit, and not overstay that welcome 🙂
SPX - We saw a large doji candle on Friday ( indecision) and on Monday the markets Gapped open on the hopes that a Tax break will help business, but then it sold off. Am I bearish? No, this is day 12 of a bew daily cycle and the move higher was steep, I think we may just drop to the 10sma & my trend line, or go sideways,,,
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