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Last week I mentioned that the sideways choppy market action and sell offs that we were experiencing would eventually lead to bullish trade set ups. At this time, it seems that we are starting to see some of those good looking trade set ups. Along with the set ups we are also seeing some follow through on the trades that some of us have already been in. Let's review some of Wednesdays action...
Read MoreNext Wednesday we have the FOMC meeting. These have affected various sectors of the market in the recent past, so it may just be a matter of time before we see a change take place.
SPX - Consolidations build up steam and can make for a lasting run. These markets could run higher into the Fed Meeting next week.
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After the 1st round of the French Elections Sunday, we saw price break through many of the trend lines that we were watching.
SPX - This chart was from the weekend report showing that trend line resistance for the SPX.
And we had a break out on Monday, even if I use the peak of the spike on April 5ths reversal. We've seen daily cycles run various lengths, see the 2 boxes drawn below, and so this does have the ability to run a bit higher.
Lat's look at the NASDAQ...
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