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Whenever we get mixed signals in the markets, it may take time to allow things to clear up. We are seeing that with the divergence between Metals and Miners right now, but until time resolves the differences, we can also look for clues. We'll do that here, but first lets review a few other sectors.
NASDAQ - We got the back test that we expected and then the drop back down. I expect the Aug lows to be tested or broken, but you can see that volatility has kept things from being a smooth move. We may bounce around inside this down channel too.
Read MoreWe are still keeping an eye out for various signs in these markets. Lets take a look...
TRAN - I posted this wdge as a warning in Monday nights report
TRAN - There was some follow through.
The selling was not on very heavy volume, so I am starting to think this move is going to drive longs and shorts crazy, here is why -
Read MoreOur positions in the Miners are pulling back, but it is a slow pull back so far. This pullback was expected. We'll discuss what to expect later in the report, but lets start with the pull back that came in the equity markets first.
SPX - It started with a shooting star and the stochastics indicate that we could see more downside. In fact, I have mentioned that I expect a test of the 'high volume candle lows' sooner or later.
The TRANNIES looked pretty strong re-gaining that 50sma, but they've done that before and a rising wedge is bearish. Notice the shooting star candles at past tops?
OIL is playing out as expected too...
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