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The 1st round of the French Elections are being held on Sunday April 23, and that may temporarily shake up the markets, but so far, things do seem to be lining up as expected in various sectors. Let's review ...
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SPX - On April 19th we saw the SPX continue to be rejected at the 50sma. I mentioned watching that 2322.25, because a break out higher or lower is important.
SPX April 21 - No change yet. The RSI & MACD are improving, but no break out yet.
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Alex - Chart Freak2017-04-23 18:04:152017-04-23 18:04:15April 22 – Things Are Lining UpIf you were reading the 'comments' or the chat area yesterday, there was a lot of talk about STEEL and the STEEL STOCKS, so Fridays report will discuss that area and some probable trade set ups in that area and other areas.
STEEL - We'll start with STEEL itself. We have a weekly reversal and a swing low has formed on the daily chart. After the long multi-month consolidation, the weekly RSI is again above 50% and the Stochastics has reached an oversold level. This all looks good.
STEEL DAILY - The daily chart had a nice bullish push higher too, and right off of the 200sma.
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Alex - Chart Freak2017-04-21 11:07:082017-04-21 11:07:08Friday April 21st- STEEL SPARKSIn 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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Alex - Chart Freak2017-04-20 11:22:552017-04-20 11:22:554-19 The Calm Before The Storm
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