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When a climber begins his or her ascent, they are full of energy and the start of the climb may be easier than when they near the peak. As the climb continues, you may see him or her periodically rest, shake out the tightness, even drop back and pursue a different path to the top. I often see that same thing happen in the climb of various stock market sectors, and Precious Metals and the Oil sector is experiencing that now. They remains bullish long term in my opinion. We will discuss that briefly, but first...
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SPX - SPX put in a reversal on Thursday just as it started to lose the 50sma. We'll see if there is any follow through to its recovery today.
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That's what I heard from the Fed.
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SPX - This needs to move higher soon. It is starting to show internal signs of weakness, even though it doesn't look like much of a pullback. The VIX looks like a bull flag may be forming.
Read MoreThis was my thinking from yesterdays report...
This is how Tuesday ended. We lost and regained the 50sma and today is Fed Wednesday. Will the 50sma hold or will this drop to the 200sma? Lets look at 2 more things.
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