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I've seen choppy markets before, but it seems like Oil and Gold are up one day, down the next , up one day, down the next. It can be very difficult to navigate the choppiness, but Cash is also a position until we get a nice trending market. Other trade set ups are an option too. Lets take a look at the charts.
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SPX - Short term I see a choppy triangle forming, and the larger picture might be forming a rising wedge. We can look for follow through with a break down or a break out.
Read MoreI just want to get right to the point here, lets look at the charts.
Read MoreI mentioned in a few of my August reports that things could remain a bit choppy going forward, especially if we are entering the timing for an ICL in Gold & Miners. We saw this in both OIL and Precious Metals markets in the past, and I will again point that out in this report. That type of price action can be frustrating, because the trade set ups quickly break down and the price action becomes more or less sideways. Lets take a look at what we currently see and discuss what we could expect.
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SPX - Our daily chart had a possible Island Bottom Reversal, but the gap closed and it lost the 50sma. This is not overly concerning at this point, but I liked the idea of an island bottom.
SPX WKLY - This still looks like a great weekly set up.
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