Weekend June 17

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On Friday we saw some nice follow through on a few of the recent trade set ups, but  Let's start by  discussing  the markets after the Fed decision on Wednesday.

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Friday June 16

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Just a quick report this morning, because today is Friday and it is the last trading day of the week.

   

NASDAQ -  Yesterday I was watching this slight push higher after the sell off, just in case it was a bear flag. The 50sma would be watched for support or failure.

QQQ- About an hour before the markets closed, I posted this chart in the comments / Chat section and pointed out that this actually could be finding support with a reversal at that 50sma.  A set up like this can be bought with a stop right below support.  TQQQ looks just like this too.

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A Little Off The Top

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This is yet another very large report, designed to help you to see the many things taking place in various sectors.

 

Recently using the QQQ I pointed out that prior drop into ICLs did reach the 50sma

NASDAQ -  The Nasdaq didn't drop that much after the Fed announcement,  but it is possible that it will seek out an ICL now, since we are late in the intermediate cycle length.  That would mean that we are currently seeing a Bear Flag.

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June 14th – Clues

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We've been looking for and discussing clues heading into  todays Fed Decision.  Let's discuss Tuesdays action...

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June 13th – Right Down The Middle

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What is right down the middle? As seen in the weekend report, the analysis for GOLD, SILVER, and MINERS falls into that category, but also the emails that I get from readers seem to be split between Bulls and Bears too. Let's take a look at what happened on Monday.

 

NASDAQ -  2 charts from the weekend report .

#1 - We tagged the 50sma on a deeper or more prolonged drop

#2 - I pointed out that the NASDAQ  held up rather well at the 34 sma on quick short pullbacks.  'BUY THE DIPS' type drops.

The NASDAQ on Monday it hit ( Slightly broke) The 34 sma and reversed, closing above it. Let's see what Tuesday brings, but it is possible that the selling has exhausted for now and will produce at least a bounce. A loose stop below the 34 sma  may add safety, however...

QQQ - The 50 sma has held prior drops, and you have to admit, the volume on this drop is pretty serious. That is some strong selling volume. This may or may not be a buy the dip drop.  We may drop into an ICL and then resume the move higher. Prior ICLs broke the 50sma in 2016.

 

So...

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Weekend Report – Fed Decisions

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The week before the Fed decision had a good amount of  action, so let's take a look at the week before the Fed Meeting and see if it gives us any clues about what we might expect next week.  Hint Hint:  Did you see the reaction in the XLF as the markets sold off?

 

XLF on May 31 - This is what I have been watching for weeks. That 50sma was capping the financials and they looked pretty bearish.

XLF Now - As mentioned Friday The XLF & BKX  broke out Thursday and had follow through on Friday.  BANKS have done well leading up to and after a Fed Mtg with a rate hike. Look at what happened before & after the DEC 2016 Rate Hike, which was also very much anticipated. Now we see that type of action again.

Now look at the NASDAQ - at 1:30 Eastern time, I posted this chart in the comments/ chat section and declared that 'so far the sell off was similar to many of the recent ones'.  Maybe the 50sma would be a target down the road?  Did it remain that way?

WHOA! It dropped all the way to the 34sma all in 1 day and then bounced. This is an area that supported price in the past.  At one point it had erased over 2 weeks of gains in 1 afternoon!

 

What am I looking at now?

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June 9th – Setting Up

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This is going to be a very very long report for a Friday, filled with many charts, so let's get right into it...

 

USD - We are likely seeing a swing low form in the USD, so the Dollar should move higher and this could be what we have been waiting for to cap Gold and give us a pullback. I'll cover this more in the weekend report.

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The Same Difference

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The past few reports discussed some of the similarities and differences taking place in the various market sectors right now. We will continue to examine some of these similarities and differences today.

SPX - Mini bull flag type set ups keep pushing these markets higher.  It is only day 13 of this daily cycle and it can continue to move higher.

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June 7th – New Signs

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I saw signs of a change taking place on Tuesday, so I sent out an intra-day report to quickly discuss some basic trade ideas until I could spend some additional time going over the charts and trying to piece some things together.  This report is going to focus mainly on the changes that I have already witnessed taking place.

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June 6 – AFTERNOON UPDATE

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