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Not much has changed from Thursdays report. Janet Yellen speaks today and she possibly could shake things up with some dovish or hawkish talk, so we'll see how that goes. And then all then traders in the U.S. will have a 3 day weekend to think about it.
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If you are heavily invested and you'd rather not think about it on your weekend off, you may want to lighten up.
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Alex - Chart Freak2016-05-27 10:54:102016-05-27 11:02:54May 27th – 3 Day Weekend In The U.S.Yesterdays report discussed some break outs that were taking place in various sectors. Wednesday, we saw some follow through in those areas too. Just like a baseball player at the plate, when we get a decent pitch tossed our way, we also need to follow through to be able to possibly score. Some may wait for a pullback or start a small position and add on a pullback later, since it is early in some set ups. Lets review.
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SPX - This is the follow through that we expected. We are only on Day 5 today, of a daily cycle that can last over 30 days.
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Alex - Chart Freak2016-05-26 11:42:532016-05-26 12:05:01From Break Through To Follow ThroughTuesday was a Break Through in a several ways. Let's take a look.
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SPX - From the weekend report. For many reasons, we were waiting for a break out higher ( not lower like many other analysts).
SPX Tuesday- We see a Break through. This is Bullish. Today is only day 3 of the 2nd daily cycle, following a R.T. Daily cycle. That means that we could really see this move higher over time. Picture this : Many were shorting what appeared to be a H&S, and they may now start covering and cause a buying reaction.
And the NASDAQ?
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Alex - Chart Freak2016-05-25 11:34:092016-05-25 11:34:09Break Through
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