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Can we talk about the elephant in the room for a minute? Not the one seen above, I'm actually talking about the one below . Notice how the Trannies sideways move has lost strength & momentum.
IYT- Zoom in and see the break down in the IYT
How can this be in such a strong market. Buy the dip mode is in full force, right?
Read MoreI want to review the market moves from yesterday and their possible implications. WIth that I am also keeping in mind the FOMC minutes will be released at 2 p.m. Eastern today. That has the possibility of shaking things up at times.
My SPX thoughts are bullish, as shown in yesterdays chart. The SPX 'paused' yesterday after breaking to new highs.
That said, I want to point something out that could weigh on the markets too...
Read MoreWhat happens if I am conditioned to see an egg sink in water, and then I see one float? I think that I would want to try to understand what the difference is. What has caused this change. Sometimes in the markets we also get accustomed to seeing something occur, but when the opposite happens, I like to try to understand what has changed. We'll discuss this later in this report, for now...
The SPX has broken to new highs! If this pattern plays out, it has room to run.
Look at this next chart below , and compare it with the SPX. I posted this April 29 and you saw what happened
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