There’s A Chance There Is A Change

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I was away from my desk Friday and upon returning to the charts on Monday, I am seeing some changes that I want to discuss. Lets start with our regular  market review. Lets take several views of the markets,  both bullish and bearish,  while remember that  ELEPHANT IN THE ROOM discussed here last week.

SPX

SPX 5-22

But we keep this in mind too as we remember that Elephant in the room...

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Elephant In The Room

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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.

  $TRAN

IYT-  Zoom in and see the break down in the IYT

IYT  

How can this be in such a strong market. Buy the dip mode is in full force, right?

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More Shaking?

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I 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.

SPX 5-19

That said,  I want to point something out that could weigh on the markets too...

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