Friday March 24th

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LOADING * LOADING * LOADING... As we watch various markets lining up or setting up for the next trade, it often reminds me of that dreaded "LOADING" symbol that shows up when you are using a slow internet connection.   It seems like it takes forever to 'get connected' to the internet. With trading it can also seem like it takes forever to get things lined up for a low risk trade set up, but patience has its rewards.  As the saying goes, "Good things ( including good set ups) come to those that wait."

 

For our Friday report, we will review how some set ups are playing out well, and others may be setting up now.

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These Puppies May Be Lining Up

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Each day adds another piece to the big picture, and things seem to be lining up. Let's take a look.

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Tuesdays Tremors

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The Markets are basically all over the place since the Fed Rate Hike and Tuesdays drop in some sectors seemed to come out of nowhere.  At this point in time, I want to review expectations past and expectations now.

 

 SPX - On March 7th,  We were looking at a drop into a dcl.  I expected it to possibly tag the 50sma and slightly break the trend line, as shown in this chart.

 

SPX -  1 week later we had a bounce and it looked like the dcl came in and we got our swing low. I still hold to this idea, but when you get a daily cycle as right translated as the last one was, you look for a POP to new highs and then it can roll over.  See what I wrote on this chart.

So after a bounce to new highs, we would look for the markets to roll over into an ICL .

SPX MARCH 21- We did not get our push to new highs before the markets just took a sudden plunge.  This looks like a drop into an Intermediate cycle low  (ICL) has started, the multi-month trend line has been broken. The low that I labelled as a dcl has been broken. It would be best to watch how this drops and see if the next swing low sets up a BUYING opportunity.

Lets look at a few other things in this area...

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