There It Is Again

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Well, after several weeks of good trading , it appears again.  Yes, I'm taking about that Elephant in the room - only this time things He's levitating as we head into the Fed Mtg this Wednesday. Lets take a look at our markets, keeping in mind that we do have a Fed Meeting this week.

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SPX - I see a rising wedge and on day 20, we could drop to a 1/2 cycle low.  So we could drop heading into the Fed Wednesday or possibly see a drop after?

SPX 3-11 daily

I mentioned something important last week and I want to remind friends of that here...

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Just Follow the Pullbacks

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Quick update on the Pullbacks...

SPX - Remember that Wedge from March 9 below? I still expected it to run to the 200sma , and then a drop to the 50sma in a 1/2 cycle low.

SPX 3-9

SPX - The 2 spike down days could be changing the way that lower trend line looks. The SPX has the run up /sideways/ run up/ sideways look. It is in a congested resistance area,  this as it heads into next weeks fed mtg.  That is where it bears watching  ( For strength or weakness).

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Watching The Pullbacks

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Have you ever noticed that when we are waiting to see if a pull back presents a buying opportunity, it  feels like price just drips down in slow motion day after day , no matter how sweet it looks? I'm feeling that now 🙂  Lets review the markets and then check out a few areas of interest.

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SPX - No change from the last few reports

SPX 3-9 Read More