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

Remain Calm

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Have a plan, and stick to it.  If something moves rapidly in the wrong direction, don't get upset and don't panic. Remain as calm as possible, take action if necessary.  These are my rules for walking the Serengeti and Trading.  🙂

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GOLD BOTTOMS -

Lately Golds lows have been hard for some to hold. "Have a plan and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic...."

GOLDS LOWS

More on precious metals later

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SPX - It will be interesting to see where we are on Dec 15th. This could break down or form a triangle here.

SPX 12-7 Read More