July 22 Weekend Report

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I hope everyone is enjoying a nice relaxing weekend, lets review the markets and discuss our expectations for the coming week.

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SPX - The break out that I expected after seeing the 3 white soldiers pattern is in play. Breaking to new all time highs get price above resistance, so a small sideways consolidation may be all that is needed before price continued higher. I expected a back test of the break out based on the VIX being below 12, so that still may happen.

SPX 7-22

SPX WEEKLY - I know someone that is trading ( holding)  UPRO and TQQQ as a result of me pointing out the 3 white soldiers, and they are doing very well. Congrats!  I didn't take that trade.  The VIX is quite low at 12, leverage at this point may be a bit too much. Use caution.

SPX 7-22 wkly

Lets look at the NASDAQ...

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Fridays Check List

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Tonights report is going to be a great lesson on how we can view things as the markets ebb and flow , breathing in and out.  We're at the end of the week and we saw a little selling in Precious metals Wednesday followed by an immediate reversal Thursday. Does that reversal mean that the selling is over? We will look at a number of things that help to give us confirmation as to whether a short term low is either in, or may not be in place yet.  Also buying the dips tips.

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WTIC -  First a chart of oil, since many do ask about the energy sector that we were trading over a month ago. We had a reversal Wednesday, but I pointed out that I still see weakness going forward.  Patience is needed here. 

WTIC 7-20  

WTIC -  That reversal vanished  on Thursday.  This needs to prove itself, and it is still proving to be weak.

WEAK WTIC

Now on to Precious Metals...

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July 20 – A Miner Dip

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Wednesday we saw the Miners (GDX, GDXJ)  gap down and close near the lows on fairly high volume. What can we expect going forward? We'll discuss that after a quick market review. 

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SPX- The general markets broke to new highs and since there is no resistance here, they have just continued higher.  I do expect a dip soon, maybe this measured move will be close enough? 

SPX 7-20

3 reasons that I am expecting a dip...

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