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I 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.
Read MoreWhat are we watching on Friday?
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SPX - Yesterday, using this chart, I pointed out that this confirms the daily cycle low, and it is a bullish break.
This could be considered an Island Bottom reversal. It is a bullish break out, especially if that gap doesn't fill.
Read MoreMy High School Sociology Teacher used to start his class by saying, " O.K. friends, no fooling around here. I have a lot to cover today, so let's just get right into it." I miss that, and I have a lot to cover too, so lets just get right into it! 🙂
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SPX - I discussed that the NASDAQ, IWM, SOX, XBI / IBB, and so on had already made the break higher, as the SPX lingered. The Fed Decision gave it a good push and we have a confirmed DCL and we're on day 7. It is still oversold , and I would expect a break out to new highs sooner or later.
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