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Not a whole lot has changed from the weekend report, but we can still review our information and update our outlook if needed.
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SPX - This was from the weekend report. Notice that either cycle count that I had in place showed that it was late in the 1st daily cycle. We are due for a DCL and the start of the 2nd daily cycle may have already occurred on day 38 or Friday with that reversal.
So here is the SPX from Monday ...
Read MoreWeek after week we are seeing very good action and even fairly clear predictability in the various sectors. We have experienced some great gains in Miners, Energy, and Commodities for all of 2016. I have to keep reminding myself, and so I want to remind the readers here too, that pull backs and corrections are expected and keep a market healthy. Lets review our markets and discuss that idea further.
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I'll start with the NASDAQ WKLY - The NASDAQ hasn't been as robust in its recovery as the SPX. It almost looks to be rolling over, so lets keep an eye on it.
The SPX Daily began rolling over, but I see bullish signs too. Remember that corrections and pull backs can be healthy. Is this a healthy pull back?
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Read MoreWe have goals and we want to reach are targets, but often there are obstacles that can pop up along the way. Can we still reach are targets along the way. Yes. Lets do a quick market review and discuss our current trading.
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SPX - I noticed a couple of days ago that the NASDAQ was selling off, but the SPX & DOW were holding up. Now the SPX started to sell off. The stochastics shows that it can fall for a while. I'm watching a few support areas. We'll discuss this more in the weekend report.
NASDAQ - The downtrend from the MAY 2015 highs is still in place. Lower lows and lower highs so far. On this chart I am pointing out that when the NAZ broke down last fall, it broke through the 200sma, but the 50sma was not violated.
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