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EDIT: This report was finished by Sunday late afternoon. When the futures opened, the Greece Crisis had taken a turn for the worse and the reaction was strong. Interestingly, most of the reaction is as expected in this report. I decided to wait until Monday morning 7 : 00 a.m. to release it to update as needed . Not much needs updating, since the expectations were downside anyways. Lets take a look at the charts/ report as written Sunday, and I will add new thoughts in blue if needed.
SPX WKLY - This week we still have the bearish wedge, and a wick on top could signal a drop
NASDAQ - several indicators are showing weakness on the weekly chart
EDIT: It has been announced that Greece will not open their Banks until after July 7th and their stock market is closed. ATM's will only allow 60 Euro withdrawls. Our futures are down as expected above, but knee jerk reactions do not always have strong follow through after the panic subsides. We will have to let the dust settle. Next is IWM, USD, OIL, NATGAS, Precious Metals, etc
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Alex - Chart Freak2015-06-29 11:20:262015-06-29 11:36:03Weekend Report Bull Vs BearThursday the Dow shot up 230 points. Friday the Dow sold off, down over 100 points. Monday the Dow shot up 166 points. Tuesday the Dow went up another 60 points, but sold off and gave most of it up into the close. Wednesday we gapped down and closed down 178 points. Currently at 6 a.m. , the Dow futures are up 100 points. Volatility is the order of the day, I should have used a picture of a roller-coaster.
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SPX - I pointed out these wedges and said I was expecting a sell off. Now we have a back test of the trend line break and a tag of the 50sma. Will this hold and give us a genuine break higher to new highs, or just more up & down action?
IWM - the IWM actually already broke to new highs, but I expected a back test, as shown here
This is where it gets interesting...
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Alex - Chart Freak2015-06-25 12:59:322015-06-25 13:01:04VOL-A-TILITYShort term movements in the markets are Mixed, so lets take a look at the charts and see what we can observe.
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SPX - In the short term I see small bearish wedges that could lead to a pullback or sideways move short term. If this were to just surge higher and break out to new highs, that would be bullish.
Interestingly, The RUT, IWM, and IWC did break to new highs recently and continued higher. Are they leading ?
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Alex - Chart Freak2015-06-24 13:03:472015-06-24 13:11:50A Mixed Bag
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