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There was not a lot of change to report today, but there were some 'significant' changes that took place, so let's take a look at what has changed...
SPX - This weekend I mentioned that the SPX could go a little higher, but unless it breaks out strongly and runs, it looks to be at the top of a rising wedge.
SPX - Timing wise we are near the timing that we can expect a drop into a dcl, and Tuesday we saw a false or weak break out that turned into a reversal. In June, this happened and we slowly rolled over and dropped to the 50sma area.
What about the NASDAQ? ...
Read MoreIn some areas of trading, we see stock picks and stock trades stretching out nicely, and in other areas we see 'cycles' also continuing to stretch out, so lets examine both today.
SPX - I do not think that day 19 was the peak and the daily cycle low of the daily cycle, so that would mean that we are on Day 26. This could pop and run a bit higher, but it is probably going to drop to the 50sma area for the next dcl.
NASDAQ - The NASDAQ got above the 10sma, and that it bullish, however I would imagine that it is only good for a short term trade.
And this is the reason why...
Read MoreIn part 2 of our weekend report , I wanted to provide a few trade ideas for our traders. I am still seeing some very favorable looking set ups, with low risk entries forming. The big warning that goes with these is that we are in earnings season and we are seeing surprises both to the upside and down. Some of these companies have their earnings behind them already, but please be aware of when the others are to be released.
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