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The picture started getting clearer in many sectors of the market after the Fed Minutes were released Wednesday afternoon. Lets take a look.
SPX / SPY - Looking for an overhead follow through and within the timing for a DCL. The 200sma acted as resistance.
Bullish Break through, I expect higher prices and will watch how the follow through plays out.
Read MoreWe saw GOLD break to new yearly lows yesterday and I read in several different places that people were going short for the drop to below $1000 (Again). We will discuss why I do not agree that this is the time to be going short. NATGAS remains interesting and OIL and Energy Stocks continue to have my attention too, so First lets look at a few other charts.
SPX - The markets stalled at the 200sma and a down trend line that I mentioned earlier. We could drop to the 50sma, but timing wise, we are due to go higher soon.This may be a pause before breaking above that 200sma.
The USD has been strong , but it may be due for a rest. Yesterday was a short term topping or reversal candle, but it is not a strongly reliable one. If the dollar is due for a rest, what might that do for the commodities that are now being heavily shorted?
Read MoreThe Markets always have that Ebb and Flow action where they pull back and push forward. We have been in the timing for some change as mentioned in the weekend report, and today we did get those winds of change blowing through. lets take a look...
In the weekend report the SPX chart pointed out possible turning points, seen here.
Here I am pointing out the action in the SPY, the day ended with 117 million. We are in the timing for a DCL (Daily Cycle Low, so I do believe that today was a DCL. If this pop drops ( to the 50sma?), I think support will hold. This is a buy with a stop below the 50 sma.
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