Quick Ideas

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I just wanted to post a couple of quick thoughts before the weekend.  I will post a couple of charts from yesterdays report, because nothing has really changed there,  and a couple of new ones. 

WTIC - This chart is from yesterday.  That swing low did not hold, and I do not believe that it was a dcl that failed quickly.  I still expect a bounce, but I think that would only be a Dcl, not an ICL in my opinion.  After yesterday we are under the B.B. again. DCL soon.

WTIC 12-9 Read More

Take A Hike

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With only 4-5 trading days left until the Fed meeting next Tuesday & Wednesday, I'm not just watching what the markets do today, but also trying to discern how they could be aligned going into that Fed Mtg.  Lets start with the $USD.

USD - as of Dec 4, the weekly chart of the Dollar bounced off of one of its important supports, the 10ma. I didnt like the MACD set up, this looks like a double top, at least temporarily.

USD WKLY

But by Dec 7 it looked like a Bear Flag was forming on the daily chart.   More downside likely.

USD 12-7

That Bear Flag gave way, losing the 50sma yesterday and

USD 12-9

That 10 ma weekly support has been breached ( so far) too. Notice that this never happened in the strong bull run higher from July 2014 to March 2015.

USD 12-9 wkly Read More

Watching Paint Dry

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Tuesday was a little like watching paint dry in the markets. Not a lot has changed, but it is important to watch how the various sectors set up going into the Fed Mtg next Wednesday. How they approach that Dec 16 decision might give clues as to which direction the next move will take.

SPX - This was Dec 7 and the markets dropped a bit, but remain above the 50sma for now.

SPX 12-7

SPX - Tuesday it is still holding the 50sma,  but at this point I see signs of  internal weakness , not strength.  

SPX 12-8 Read More