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The climb is hardly ever straight up.
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SPX - We were anticipating a trend line break and a close above the 10 sma to help confirm a dcl. We got it. The last time that this happened, the gap filled one month later.
Read MoreI've been posting a variety of trade set ups in the past few reports, and we are seeing some nice follow through. Let's take a quick look at a few Market Sectors and then discuss more trade set ups, and current trades in the works.
NASDAQ - The NASDAQ closed above the 50sma and the 10sma and that is a bullish start to a new daily cycle. We do need an overhead trend line break, but I wouldn't wait that long, I would go long on this close above the 10 & 50sma and just keep an eye on it until it gets a bit higher.
SMH - This is a bullish chart. It is ahead of the NASDAQ, because it did break an overhead trend line already. This is a buy here above the 50sma.
Read MoreThis is a long report. I wanted to discuss Gold & them Miners in detail in this report. I have mentioned that I am seeing various interesting things in that sector over the past few weeks, so let's just briefly review the general markets and go right into Precious Metals.
SPX - The actual lows were 6 days ago, and we do not even have a swing low in place yet. I would say that a close above this trendline & the 10sma should signal a dcl occurred, and then one could go long with a stop below that 50sma.
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