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My High School Sociology Teacher used to start his class by saying, " O.K. friends, no fooling around here. I have a lot to cover today, so let's just get right into it." I miss that, and I have a lot to cover too, so lets just get right into it! 🙂
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SPX - I discussed that the NASDAQ, IWM, SOX, XBI / IBB, and so on had already made the break higher, as the SPX lingered. The Fed Decision gave it a good push and we have a confirmed DCL and we're on day 7. It is still oversold , and I would expect a break out to new highs sooner or later.
Read MoreLets discuss Fed Wednesday
Read MoreI am fairly heavy in cash in my trading account and with cycle timing being where it is in Precious Metals, I am trying to stay that way going into the Fed meeting.
( I will always have a core position in Miners since admonishing that in early February). We get up each morning in North America and Gold is higher, but as they day progresses, it goes nowhere really. Lets take a look and discuss we we can expect.
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SPX - We have a swing low in the NASDAQ, RUT, IWM, etc., but we still do not have a swing low in the SPX yet. That DOESN'T mean that the low isn't in place, it just means that it hasn't confirmed itself with some follow through. This has the look of a bear flag, but I would expect a move higher soon with this set up.
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