Winds Of Change

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The Markets always have that Ebb and Flow action where they pull back and push forward.  We have been in the timing for some change as mentioned in the weekend report, and today we did get those winds of change blowing through.  lets take a look...

 

In the weekend report the SPX chart pointed out possible turning points, seen here.

SPX 11-13 daily 2

Here I am pointing out the action in the SPY, the day ended with  117  million.  We are in the timing for a DCL  (Daily Cycle Low, so I do believe that today was a DCL.  If this pop drops  ( to the 50sma?), I think support will hold. This is a buy with a stop below the 50 sma.

SPY 11-16 Read More

This Market – Hot And Cold

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This week various sectors actually made some moves that could affect the short and longer term outlook. Lets dig right in and review what has happened. 

SPX - Expecting a pullback with resistance at former highs, this is wedge was posted and a possible channel could form. 

SPX 11-9

SPX - The channel has been broken, but thats not bearish by itself yet.  The SPX tagged the 38% retrace.  We could even fall further this week to the purple dotted trend line for a back test. This is also the 50% retrace and the 50sma is there, so good support could be found just below current price.  I do expect a bounce soon.

SPX 11-13 daily 2

This is not bearish at this point, but let me show you something a little more concerning here...

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Examining The Evidence

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As I begin writing this report, it looks like OIL may be ready to bounce here.  I wanted to take this time to examine the evidence and discuss my recent expectations in the Oil markets.

WTIC - Nov 11 this was our picture of OIL.  Please note the $42.58 .  Oil was not acting the way that it should early in a 2nd daily cycle and the high volume selling was noteworthy. 

WTIC 11-11

Now lets take a closer look on Nov 12 and discuss the implications.

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