Lets Look At The Big Picture

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Every now and then I like to step back for the weekend report and take a look at the Big Picture. I have been reporting for months that I see big picture changes in many sectors starting to take shape.  Lets see if they are advancing or falling apart.

The SPX is approaching resistance. Will it halt the rise, or possibly just give it a pause like we saw in 2011?

SPX WKLY 10-9

Lets look for some clues...

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Running The Bases

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We've been looking at bullish bases in the Energy and Precious Metals sector lately. Very quickly  they have been making some strong moves. Explosive gains actually.

For example, this was SGY when I pointed it out.  It ran from $4 to $7 in August/September and then pulled back after hitting resistance at the 50sma, forming an inverse H&S.  When it broke above the 50sma , it was a buy around $6.

SGY

SGY  - 3 days later and it is nearing $10.  Thats $4 to $10 in about 1 month. 

SGY 10-8

EXXI is up 150% in 7 days!

EXXI 10-8

These are obviously getting extended and may be due for a pull back.  That means that it is best to look at other bases that are currently set up, but not extended...

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The Ups And Downs…

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The saying ,  "What goes up must come down"  is true within Bull and Bear markets. Lets take a look at what is going up and what is likely to come back down, keeping in mind that the FED MINUTES are to be released later today.

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I drew this last week to show that I expected the SPX to move up to the purple line

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