April-1-2017 Weekend Report

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Uh Oh! - What does "Don't Shoot The Messenger" have to do with our weekend report? Read on and you'll see that what I am seeing lately is not what many were hoping for in the Miners. We will discuss the implications in the Precious Metals section of this report. This is a rather huge weekend report, enjoy!

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SPX - I was pointing out a rising bearish wedge a while ago and I said that it would have to break out to negate it as it approached the apex, or it would have bearish consequences. Well it did break higher and even back tested on the recent sell off...

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Friday March 31

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SPX - 3 days ago I was noticing how similar this pullback was to the one in December

SPX - The follow through is good and the RSI looks promising. The one in December went sideways for a while, but this one is coming right off of the 50sma and would be more likely to run higher instead of sideways if it continues higher.

This next chart looks very good...

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Thursday March 30

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SPX - I still have concerns with the weakness internally of the XLF, so I'm watching the General Markets closely. So far we have a swing low and a move that closed above the 10sma Wednesday. Anyone long should still be using a stop as we wait for an overhead trend-line to be broken.

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