Oil And More

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I wanted to discuss OIL a little later in this report this morning, since it is acting a little weaker than expected. We'll start with our market review.

We expected a small pull back in the markets, and this chart showed where the Fib #'s would be.  There was also a channel included.

SPX 11-10

We have reached that lower  channel line and the 20sma.  That could act as support, but the above chart also has the 38% Fib # at 2022 and we also see the 50sma and the purple break out in that area.  That means the selling may not be over yet.  

SPX 11-11 Read More

Not A Lot Of Change

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There was no significant change in most of what was covered in yesterdays report.  Draghi is scheduled to speak in London this morning, could his speech change things? It has in the past.  For now, lets just do a review of what we've been looking for.

 

With a pullback due in the SPX, I drew this possibility yesterday.  We could Tag the 50sma and lower trend line.

SPX 11-9

A reversal yesterday doesn't change the idea that we will still pull back, so I've added the fib #'s.  We could bounce & still drop to the 50sma

SPX 11-10 Read More

Is A Golden Bounce Coming?

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As mentioned in the weekend report, Gold & Silver have been selling off at a very rapid rate, and I think that they should be due for at least a bounce.  I want to take a look at that idea in this report, but first a review of the markets.

 

The markets don't look bearish, but this possible rising wedge formed by  Nov 4.

SPX 11-4 a

SPX currently- This does not have to drop too far, it could even go sideways.

SPX 11-9 Read More