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First we look at the charts and see what we can learn from recent price action. Short term indecision can cause volatility or lack of direction and we see that lately. Today at 2 p.m. will we get some additional information from a Fed Release that pushes various market sectors one way or the other into a trending move? For Gold, Silver , & Miners I am thinking outside the box a bit today . Lets see what the charts are indicating...
SPX - The MACD looks to be weakening at this point ( weaker MACD & lack of follow through so far).
Read MoreAs mentioned in prior reports, sideways consolidations and bases can build up energy for larger directional moves. The Vix chart above ( click on it) seems to be basing and other sectors also have been moving in sideways in consolidations. If the VIX breaks out & runs eventually, the markets should correct. Lets take a closer look at recent activity and see if we can determine what it means.
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SPX- So far the dips have been bought and trading this pattern has been obvious, but is it due to change sometime soon?
Lets take a look at the NASDAQ...
Read More USD WKLY - looks strong and found support in an important area
The DAILY USD - looks a bit more bearish. The MACD dipped well below the zero line for the first time in a long time. Is that a H&S forming? The outcome of this move could affect all markets.
Lets look at several other sectors...
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