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I'm actually looking forward to the weekend report. This week is playing out as anticipated for the most part, so this weekend I will point out some more of the bigger picture things that I have been looking at.
SPX - This climb is heading towards some resistance. We have Wednesday and a 1/2 day Thursday, do you think this will be able to break out higher on a 1/2 day of light volume holiday trading? Hmmm?
Look at this weekly chart of the SPX ...
Read MoreThe holiday week has many people checking out early and preparing to spend time with families. That means that this can be a week of slow trading, but that can also set things up for the next directional moves when traders return to work. Lets see what happened on Monday...
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SPX - Bounce today. Will it blast off higher? See the wkend report.
Read MoreThis 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...
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