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The SPX ( Left Translated) dropped to break the prior lows and then put in a shake out reversal. It has struggled at the 50sma, and now that it faled, I expect it to roll over, possibly after tagging that 50sma again.
Read MoreWhen hunting for good set ups, just keep in mind that every day that passes brings us closer to the target.
Read MoreThe Fed Minutes are scheduled to be released today. At times like this, we sometimes get a glimpse of what was behind the recent decision on interest rates. Is inflation starting to creep in? Just how divided or united were the Fed members when it came to timing for rate hikes, etc. Lets take a look at the charts and cycles and see if we can glean some idea of what could happen after the Fed Minutes are released.
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SPX - HMMM, This daily cycle peaked very early (day 8), and today is day 21. There are false break downs and shake outs in life, but this should be viewed as a warning sign. Why? I see a left translated daily cycle breaking down with maybe 10 more days to go. I see more room to drop on the stochastics, and a weak RSI. The Fed minutes could sink this ship or perform a miracle 'shake out' type move and a recovery, but this is a bearish set up the way I see it at this point.
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