U Turns

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What a week! The Fed spoke on Wednesday, Thursday we saw Draghi shaking things up, and now on Friday we will have the November jobs report and  The OPEC Leaders will discuss whether or not to cut production. Yesterday we saw some U-Turns in the market place and it's not like they dont have further implications. Lets review.

SPX -  I recently started pointing out weakness in the rise of the markets and the Dollar. These were from Dec 2.

SPX 12-2

USD Dec 2 -  Bearish

USD 12-2 UUP

Now lets see what happened and discuss what the implications going forward might be...

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Keep It Simple Stupid ( K.I.S.S.)

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There was a lot of action in the markets today, maybe that was due to the Beige Book and Fed Yellen Speech .  Reminder: DRAGHI speaks Thursday morning and we have a jobs report Friday morning.

 I wanted to just keep It Simple today,  and let the charts do the talking. Lets see what they have to say...

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SPX -  Dec 1 - I was pointing out that the chart looked bullish, but as it moved higher the MACD was 'concerning'.

SPX 12-1

SPX - Now both Price and the MACD are concerning. That could be a bearish engulfing, even though the futures are pointing higher as I write.

SPX 12-2

Read on for more...

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Beige Book

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Just a reminder that the Fed will be speaking at 12:45

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