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Today we'll start with a quick market review, and so far things are really still playing out pretty much as expected. I then want to present another lesson on patience. It is important and a lesson on patience can be very helpful at times. It helps us to remain positive while we wait for what I think will be an exceptional buying opportunity in the near future.
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NASDAQ - The NASDAQ & The SPX dropped and bounced off of the 8 sma. So we see that the sell off was avoided for now, but these can still be topping candles. We also do have divergence forming at these highs, so we could be vulnerable to a dip in the markets.
The following chart is another reason that I have advised using that trailing stops...
Read MoreI spent much of Tuesday catching up on charts and various news articles that I may have missed over the long weekend. After all was said and done, nothing has really changed in my expectations going forward. Let's review...
SPX - After a shake out below the 50sma and recovery 8 days ago, the markets seemed to have put in another dcl and are near all time highs. These small pauses or flags may just continue higher so...
I said in the weekend report that I personally would not be shorting this bull market, since surprises do keep coming to the upside. That said, I am still keeping an eye on this...
Read MoreTrading is closed in the U.S. on Monday. Here is your week in review...
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SPX - This is from our Friday morning report. A week ago I mentioned that it seems that the slam down may have cleared the deck of sellers and put in a dcl. We still have had all right translated daily cycles in this run. Please read the chart.
SPX - We could get shallow pull backs at anytime, but a loose trailing stop can keep someone that is 'long' in position. A hard stop could also be placed under the 50sma, since that shouldn't be broken again for a while. This is now a 3 month consolidation and a break out.
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