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The Dow Jones Industrial Average was down over 550 points yesterday and then rallied back into the end of the day, putting a form of reversal candle in place. Thursday morning the futures are RED, but we are at an extreme point that calls for a bounce/ rally. Yes it could last for days and weeks, but is the selling over? Lets review the markets and some stocks.
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The SPX put in a large reversal candle too, after breaking below the August lows. 1730 is a normal downside target, but I think we rally first. It should be easy to get a swing low. A move above yesterdays highs begins the process.
What do I expect from this move higher after it starts?
Read MoreYes, Gold has a bullish looking set up, and miners not only sold off, but they broke to new lows. We will discuss that, but first lets take a look at the rest of the markets.
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NASDAQ - The futures are up over 100 to 200 points each morning, but the rally fades. What to do?
Here is the SPX ...
Read MoreAs expected, we have seen quite the sell off in the general markets. Oil & Commodities have been selling off too. Gold , Silver , And Precious metals are holding up, but are they ready to run now, or will they sell off? I actually spent a part of this weekend digging in to older charts and making some new ones, so lets take a look.
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While digging into older charts, I actually found this warning chart that I posted in April of 2015, when I said I thought we were seeing that rising wedge forming. Also by counting the months of the Bull market, we looked to be late in the bull. I am re-posting it because it had a logical target to me at that time.
SPY - We topped in May 1 month later. Now drop to Test the break out?
SPX - We broke the Aug lows Friday and recovered. This is a failure, but we can get a solid bounce soon. Lets discuss a couple of possible scenarios . One is a flash crash right now, the other is a believable rally that rolls over eventually.
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