Bouncing Higher

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Miners are moving higher as expected. Granted, they aren't exactly acting like the above picture, but lets look at some charts and see where some opportunities may be. 

 

EGO - After basing in a tight inverse H&S type base, EGO  is just breaking out above the 50sma now.

EGO 1-7 Read More

Testing

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I dont regularly watch CNBC, but I was in the waiting room today and CNBC was on and I actually saw them reporting that North Korea tested a Hydrogen Bomb and caused the markets to sell off. I guess they dont use charts?  Was todays sell off sudden and unexpected? 

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SPX -  We've been discussing it for months here at Chartfreak.   This Dec 31st chart showed that the SPX hit the top of its trading range, lost the 50sma, and was likely heading lower into 2016.

SPX 12-31

Now lets take a look at potential targets...

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Short Term and Long Term

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Though the long term views remain the same here at Chartfreak, the short term views do get a bit hazy at times. For Shorter Term Traders, we look for immediate low risk trade set ups, but some shorter term things are a tad unclear. I will show you what I am thinking is likely, but please remember that in times of uncertainty,  cash may nor be  NOT a bad thing.  Patience may even save funds for future trades.  🙂

SPX - As mentioned yesterday, we could be at support but this remains weak looking and even with a bounce we see overhead resistance that should be noted.

SPX 1-6

Remember that in the NASDAQ I pointed this out...

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