Dec 17 Weekend Report – Precedence

We have seen some unusually deep selling in the precious metals sector, so I do want to discuss whether or not there is any past 'precedence' in this area later in the report. First let's discuss what has happened in just the past week. To the charts...

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SPX - Dec 12th, I was looking for the run to stall, and we should see a pullback.

SPX - We have stalled and pulled back a little. A break of this trend line could bring a little more selling, but this will likely be a right translated daily cycle and we can expect higher highs on the next one too. The red line is the 50sma.

SPX WKLY - And we do see a form of topping candle on the weekly. Falling to the blue line at 2200 would also back test the break out.

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Dec 16 – Friday

Friday review:

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The Fed Hike Plunge

Many sectors began to sell off with the interest rate hike Wednesday.  Some were sectors we expected to sell off, others were expected to snap back. Will we get the snap back on Thursday and Friday? Let's discuss what we should be looking for.

 

SPX - From Monday, the markets were outside the B.B. on a weekly basis, so I would have expected a dip by the end of the week.

spx-w-12-12   spx-12-14 Read More