4-19 The Calm Before The Storm

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In yesterdays report, I was complaining about the boring 'put you to sleep' type of sideways action in the markets lately. Apparently that was the calm before the storm, because later that day we finally saw some pretty big changes take place all in one day. Something interesting occurred in the General markets, Oil had a big drop of almost 4% (!) and the selling in the many of the junior Miners that I had been pointing out picked up the pace too.  Let's take a look at the markets and discuss the recent developments.

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SPX - Not a lot has changed here, but I've mentioned that I'm a bit concerned with the XLF .  Now there are new threats to the General Markets.  The SPX remains under the 50sma and threatens to break below the prior lows. A break down could lead to a good sell off, and a break out higher could lead to a decent rally, but it is getting late in the 3rd daily cycle, so upside may be limited the longer time goes on.

This is interesting though...

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THIS IS FABULOUS!

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As mentioned in Tuesday mornings report, the Markets have been absolutely fabulous lately ( If you needed to catch up on some rest that is). Boring action in almost every sector is putting traders to sleep. let's take a look at what happened on Tuesday!

 

SPX - Here we see that the SPX,  oh wait,  that's probably just a day trader as of Tuesday...

SPX -  Here we see that the SPX has basically gone sideways for 2 months. Tuesday it was held back by the 10sma again. No real change here.

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April 18th –

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Something interesting taking place in the General Markets

 

SPX - Here we see the ICL in November and 2 dcls that followed.  Obviously the markets have been relatively strong, because those dips down into their dcls have been shallow.  Over the last 2 weeks I mentioned concerns about the XLF and then the  SPX broke below the 50sma last week.  The 'timing' dictates that an ICL is coming due and since the XLF has been weak, so I would expect more of a dip now or soon. At this point, I'm actually noticing some interesting developments taking place here too, so let's discuss that. Notice how the recent consolidation does look similar to the last one at the dcl...

Note: That last dcl has not been broken and a break out here is not out of the question, and here is why.

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