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The weekend is upon us, let's review what the last week brought our way and what we should expect going forward.
The NASDAQ continues to climb upward and it is hard to tell if this is forming a wedge or is it rallying into a blow off top? I want to look at the SPX and discuss a thing or two there .
SPX - I had drawn this wedge inside of a long term channel for last weekends report. I said that the markets do have the potetnial to keep climbing, but eventually they would reach the top at what looks like $2400 ish. Here it was at 2280.85.
Read MoreFriday is the last day of the week, and I usually just do a brief report with a few bullish chart set ups. On Thursday, we did see a variety of action however, so Fridays report will be a bit longer than normal. Keep in mind that I usually cover things with a bit more detail in the weekend report.
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SPX - Many think that the market is breaking out and going to rally a lot higher. I do not think that for reasons mentioned in prior reports, including the VIX situation.
Last weekends chart
Read MoreTime has certainly been on our side and our trades have been making gains for several weeks now. That said, Nothing lasts forever, so as we move forward we do begin to think about where we are in the stream of time. We are basically racing against time, but I am not concerned yet. I will discuss this briefly now and a bit more in the weekend report. Lets review the markets.
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