VOL-A-TILITY

/55 Comments/in /by

Thursday 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.

.

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?

SPX 6-24  

IWM - the IWM actually already broke to new highs, but I expected a back test, as shown here

IWM 6-23

This is where it gets interesting...

Read More

A Mixed Bag

/30 Comments/in /by

Short term movements in the markets are Mixed, so lets take a look at the charts and see what we can observe.

.

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.

SPX 6-23

Interestingly,  The RUT, IWM, and IWC  did break to new highs recently and continued higher.  Are they leading ?

Read More

A Little More Of The Same

/51 Comments/in /by

Not much has changed since the weekend report, so lets just review the charts and I'll have additional comments at the end of this report.

SPX - June 18 I had pointed out that in the recent past,  the break to new highs can just roll over

SPX 6-18 2

Yesterday we woke up and futures were strong. Would we gap open over 100 points on the Dow, 25 in the Spx, etc.  and just run free from this sideways action into uncharted territory?  Not yet, some selling that capped the gains . These can be topping type candles, but they dont have to be.

SPX 6-22

It might help to see what the IWM, RUT, BIB did...

Read More