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Waiting on Fed Wednesday to see if there will be any special reaction is getting old 🙂
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SPX - This was after Mondays trading, we could see a drop or just continue sideways.
Not much changed , huh?
Read MoreSometimes what looks and feels like a big drop turns out to just be a small dip in the action. I think that we are seeing that in Gold and Miners now. We'll discuss that after a brief market review.
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SPX - I've been expecting a small dip here, possibly back testing the break out after a measured move finishes. That may or may not happen. A sideways consolidation can also act as pause before continuing higher.
SPX - Holding the 10sma is bullish in a run out of the ICL. Temporarily breaking below it and recovering is fine too, I'm just pointing out the recent strength here.
Read MoreI hope everyone is enjoying a nice relaxing weekend, lets review the markets and discuss our expectations for the coming week.
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SPX - The break out that I expected after seeing the 3 white soldiers pattern is in play. Breaking to new all time highs get price above resistance, so a small sideways consolidation may be all that is needed before price continued higher. I expected a back test of the break out based on the VIX being below 12, so that still may happen.
SPX WEEKLY - I know someone that is trading ( holding) UPRO and TQQQ as a result of me pointing out the 3 white soldiers, and they are doing very well. Congrats! I didn't take that trade. The VIX is quite low at 12, leverage at this point may be a bit too much. Use caution.
Lets look at the NASDAQ...
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