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Short 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 ?
Read MoreNot 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
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.
It might help to see what the IWM, RUT, BIB did...
Read MoreI started last week with a good number of trades on, and while I still see a lot of good looking set ups, I find that I am slowly going to Cash. Some trades I cashed out of and others I got stopped out. Lets look at the charts and discuss future possible opportunities.
SPX- High volume reversal . Why was volume so high? Is this going to just be a back test of the break out & 50sma, or does that volume indicate a larger drop? We will know soon enough.
SPX WKLY- Doji candles can indicate indecision, and for the 2nd week in a row, our weekly chart is a doji.
Lets look at the NASDAQ...
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