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So lets just pretend that today is just a Wednesday like any other Wednesday. Things are playing out exactly as expected. To the charts!
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SPX Monday - I called the reversal last week a trade-able low, and the Quick sell off Monday just a back test of the trend line.
SPX TUESDAY - It's only day 4 , so I expect this run higher to continue.
Read MoreMonday saw a little drag on various sectors of the market, but I still expect a bounce before another wave of strong selling resumes. WEDNESDAY is a FED day, so anything can happen, but Cycle timing is right for bounce.
The old saying is that a picture is worth 1000 words, and sometimes I see a chart that's worth a thousand words too. The Banking index, for example , says a lot.
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This is the Banking Index
The above chart is quite oversold, but it is also quite unhealthy looking...
Read MoreThe weekend report will discuss the changes that we have expected for months, and how we now see those changes taking place. Also, as mentioned in the last report, the recent sell off is now changing into a Long position, but for how long? To the charts! 🙂
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SPX - On Thursday, Jan 21st I mentioned that a swing low was in place ( Bullish for going long). It is safer to wait for follow through with a confirmation break above the 9 sma.
SPX - We had that confirmation on Friday. For traders, going long SSO, TQQQ,IWM, and various stocks was in place.
But please, lets not forget the Big picture too...
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