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This is one of those weekend reports were there was a need to dip deeper and investigate several areas of the markets. Why? In the last report you may recall that I discussed how the recent trading reminded me of riding the White Water Rapids. For example the SPX was up about 75 points for 3 days heading into the Fed Mtg, and then it dropped down about 70 points for the next 2 days. Gold rallied with the Fed Wednesday , sold off Thursday, and rebounded Friday. Is there a waterfall ahead, or will this river smooth out? Lets dig in for clues as to what may lie ahead.
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SPX - I posted this wkly chart to show 'weakness' in the indicators that I was using. This would indicate that more downside was likely.
Take a good look at this chart of the SPX. Later in this report I will explain why it is important...
Read MoreIf you have never been white water rafting and wondered what it would be like, you just experienced it if you have a position in the markets. Quickly climbing up one white wall and then splashing down the other side, it gets tough to hold on and tough to navigate. One cold splash after another, sometimes people are even tossed off. That may not be a bad thing, because when rafting in uncharted areas, there may or may not be an unseen huge drop off up ahead. Lets take a look at the markets, and I'll point out what I see.
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Note : Today is Quadruple Witching. We will probably have some high volume moves today.
SPX WKLY - The weekly chart broke back below 2 key support areas and the blue line needs to hold here at 2000.
Read MoreWe finally got an interest rate hike out of one of the 2015 Fed Meetings. It appears that various market sectors seemed to like what they saw. Lets review...
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SPX - The SPX looks Bullish, but I do want to share both a bullish and also a bearish version.
This is the bearish version...
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