WEEKEND REPORT- RECALCULATING ROUTE

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Have you ever been driving along using your GPS and you decide that maybe you're going to take a short cut to your destination?  The GPS detects that you have left the designated course and immediately needs to compensate by announcing, "Recalculating Route!".  Well last week sectors of the markets took sharp detours right after the elections. Using over 50 charts, this weekend report will discuss the road we find ourselves on now.

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SPX - Nov 1st , Expecting a trade-able  ICL, maybe in the 2070 area.

spx-10-31

SPX - The ICL seems to be solidly in place, with a break out from the downtrend after the election results were in. Futures shot down immensely during election night, but the chart simply reflects the time that the market was open. Volume was huge after the election.

spx-daily-11-11 .

SPX WKLY - This could be a huge breakout from a 2 year consolidation, and it is oversold!

spx-wkly-11-11

SO here is my current thinking...

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November 10

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It has been a crazy week, that's for sure. Odd differences are appearing in the markets this week. Let's get right into the report and you'll see what I mean.

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You probably heard about the Markets ripping out to new record highs if you were watching CNBC, and they were. This was the DJIA. The BKX ( banks) broke to new highs, the TRAN, RUT,IWM, SPX, and so on were rallying higher. This certainly looks like the start  of a bullish break out.

dow-jones-11-10  

And then there was the NASDAQ.  Hmmm, that was quite the reversal lower on Thursday.The Nasdaq closed down 42.

nasdaq-11-10

Lets look at a couple of our strong Tech companies.  Hmmm? Apple?

aapl-11-10

Look at GOOGLES  RSI & MACD.

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I See More Than Just One Out There

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Well Wednesday was pretty crazy in the markets to say the least. Nothing has changed in my analyses however. I still think that we are seeing several Bulls ready to run. Let's get right to the charts and see what we can discern from the extreme moves that took place Yesterday.

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