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This week various sectors actually made some moves that could affect the short and longer term outlook. Lets dig right in and review what has happened.
SPX - Expecting a pullback with resistance at former highs, this is wedge was posted and a possible channel could form.
SPX - The channel has been broken, but thats not bearish by itself yet. The SPX tagged the 38% retrace. We could even fall further this week to the purple dotted trend line for a back test. This is also the 50% retrace and the 50sma is there, so good support could be found just below current price. I do expect a bounce soon.
This is not bearish at this point, but let me show you something a little more concerning here...
Read MoreAs I begin writing this report, it looks like OIL may be ready to bounce here. I wanted to take this time to examine the evidence and discuss my recent expectations in the Oil markets.
WTIC - Nov 11 this was our picture of OIL. Please note the $42.58 . Oil was not acting the way that it should early in a 2nd daily cycle and the high volume selling was noteworthy.
Now lets take a closer look on Nov 12 and discuss the implications.
Read MoreI wanted to discuss OIL a little later in this report this morning, since it is acting a little weaker than expected. We'll start with our market review.
We expected a small pull back in the markets, and this chart showed where the Fib #'s would be. There was also a channel included.
We have reached that lower channel line and the 20sma. That could act as support, but the above chart also has the 38% Fib # at 2022 and we also see the 50sma and the purple break out in that area. That means the selling may not be over yet.
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