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I'm going to have some short term chart analysis, but for this weekend report, I want to focus mainly on the Big Picture of each sector. My daily reports have covered much of the short term expectations.
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From Thursday - Nice Bullish follow through and it is still early in a new daily cycle, higher prices are expected.
SPX WKLY as of Fridays close: The General Markets are closing right at Weekly highs. Bullish.
Read MoreToday is the final trading day of the week, so let's do a quick review...
SPX - In the weekend report, I warned against 'shorting' the General markets . Surprises are still coming to the upside.
Read MoreToday we'll start with a quick market review, and so far things are really still playing out pretty much as expected. I then want to present another lesson on patience. It is important and a lesson on patience can be very helpful at times. It helps us to remain positive while we wait for what I think will be an exceptional buying opportunity in the near future.
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NASDAQ - The NASDAQ & The SPX dropped and bounced off of the 8 sma. So we see that the sell off was avoided for now, but these can still be topping candles. We also do have divergence forming at these highs, so we could be vulnerable to a dip in the markets.
The following chart is another reason that I have advised using that trailing stops...
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