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I dont always feel the need to do a Friday morning report, much of Thursdays action flows into Friday and the weekend report covers that. This week we had some interesting developments , so I want to do a quick review.
SPX - I have been looking at a Wedge pattern , but lets look at things from another angle. This looks like day 8 of a new daily cycle.
Read MoreYesterday was Fed Wednesday and as usual we had a little reaction to the Fed Release. Lets take a look at the charts
SPX- closed higher but couldn't hold above the 50sma. It still looks bullish at least for a run to the highs of this trading range. Why would that looked like a mixed picture?
The weekly SPX looks to be weakening over time. Tops are a process and we could be seeing that process playing out now.
Read More 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).
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