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As mentioned in Tuesday mornings report, the Markets have been absolutely fabulous lately ( If you needed to catch up on some rest that is). Boring action in almost every sector is putting traders to sleep. let's take a look at what happened on Tuesday!
SPX - Here we see that the SPX, oh wait, that's probably just a day trader as of Tuesday...
SPX - Here we see that the SPX has basically gone sideways for 2 months. Tuesday it was held back by the 10sma again. No real change here.
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Alex - Chart Freak2017-04-19 11:37:292017-04-19 11:40:55THIS IS FABULOUS!Something interesting taking place in the General Markets
SPX - Here we see the ICL in November and 2 dcls that followed. Obviously the markets have been relatively strong, because those dips down into their dcls have been shallow. Over the last 2 weeks I mentioned concerns about the XLF and then the SPX broke below the 50sma last week. The 'timing' dictates that an ICL is coming due and since the XLF has been weak, so I would expect more of a dip now or soon. At this point, I'm actually noticing some interesting developments taking place here too, so let's discuss that. Notice how the recent consolidation does look similar to the last one at the dcl...
Note: That last dcl has not been broken and a break out here is not out of the question, and here is why.
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Alex - Chart Freak2017-04-18 12:13:542017-04-18 12:59:20April 18th –Let's review what the markets have been doing and what that can mean for this weeks trading.
I have repeatedly said that the condition of the financials has concerned me when viewing the markets. Weakness there could bleed over into the general market.
XLF - Friday the XLF broke to a new low, taking out the last DCL. I now expect the financials to sell off over time.
XLF WEEKLY - The weekly chart shows the weakness too.
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Alex - Chart Freak2017-04-16 20:50:422017-04-16 20:50:42WEEKEND REVIEW
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