Just Follow the Pullbacks

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Quick update on the Pullbacks...

SPX - Remember that Wedge from March 9 below? I still expected it to run to the 200sma , and then a drop to the 50sma in a 1/2 cycle low.

SPX 3-9

SPX - The 2 spike down days could be changing the way that lower trend line looks. The SPX has the run up /sideways/ run up/ sideways look. It is in a congested resistance area,  this as it heads into next weeks fed mtg.  That is where it bears watching  ( For strength or weakness).

SPX 3-10 Read More

Watching The Pullbacks

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Have you ever noticed that when we are waiting to see if a pull back presents a buying opportunity, it  feels like price just drips down in slow motion day after day , no matter how sweet it looks? I'm feeling that now 🙂  Lets review the markets and then check out a few areas of interest.

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SPX - No change from the last few reports

SPX 3-9 Read More

Can We Buy The Dips?

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Yesterdays report mentioning Anti-Gravity stocks was just the right thing to start the corrections  🙂   In Energy stocks I think we were getting a bit spoiled with 70 & 80 % gains in a single trade,  but not so spoiled with giving back 20 - 25% today in BAS, LGCY, ARP, etc.  Commodities are pulling back and Miners may start joining them.  Will we be buying this dip?  Lets take a look.

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SPX - My chart from yesterday. I had called for a rally , but now calling for caution. 

SPX 3-7

SPX - And we did start a little selling Tuesday. We can go higher since we are still inside of that wedge, but eventually I expect a drop to at least the 50sma.

SPX 3-8 b Read More