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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Leaders And Laggers

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I believe that today the Beige book is released and Janet Yellen speaks.  Will that change current conditions in the market? We'll see, but right  now in a sector that sold off to new lows, we are seeing leaders emerge.  We'll discuss that after a brief review of the markets.

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SPX - I'm noticing a weak MACD ,but the RSI looks good.  I still think that the markets can break to new highs, but being the 3rd daily cycle I also think that the upside may be capped a bit for now. Notice how the 10sma held the decline.

SPX 12-1 Read More