Dow Weekly Update

Dow Weekly Update

The last few weeks on the market have been interesting, with a sell signal on the weekly chart, the bears have come back with a real biting attitude and they want to teach the bulls a lesson. The main concern for me is that we have broken a longer term rising support line (and channel) and this week we closed below it. That is a real thorn in the side for the bulls, however when you zoom back to 2010 just like we have on the chart below you can see this is still a bull market, and we have had sell offs along the way, however they only last a few weeks. So we could be in this process of back and filling again! :-)

Right now we have had 3 red weeks on the candlestick chart below and we are in a  TREAD CAREFULLY stance on the market. A close below this rising support line is not good, however it seems there could be lower prices coming sometime in SEPTEMBER 2013 and that might make sense as every man and his dog is awaiting the federal reserve Tapering news to see if they are going to start withdrawing the billions of dollars they are flooding the market with. My own personal opinion is it will not really matter if the tapering is a small percentage, investors will probably just get on with it and realize it is not the end of the world....however, we expect there to be a little bit of nervousness leading up to this FED Announcement which will occur on the 17th & 18th of SEPTEMBER.... I like the analogy that some analysts out there are calling it SEPT-APER! Very clever, but I must confess not matter what announcement may come, the charts always come first.

Right now the charts below are hinting at lower prices, but even if that does occur in the next few  months, I would not go falling in love with the downside, that is for sure. The bears do have chance to do some damage here or in the next few weeks, but how much we will have to wait and see!?

Dow Weekly Update

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dow jones chart 2013 - dow jones chart 2013

dow jones chart 2013

This is a chart of the dow jones chart in 2013 and so far we have been travelling up nicely in an upwards channel. The bulls have been in full force that is for sure since the 1st of January 2013.

But the cypress bank news really has stopped things skidding up higher. Have a look at the chart below, you can see that the last week or so the market has not really done much at all. Ever since the cypress news, investors have become nervous and that nervousness has spilled across into the market.

The market breadth for the dow jones chart 2013 has sentiment trader a little bit complacent right now....and we are.....{{  VIP MEMBERS ONLY }}  

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strength of us dollar - the strength of us dollar is telling

strength of us dollar - the strength of us dollar is telling

Looking at the chart below, the strength of us dollar not only important,  the strength of us dollar is very telling.

As you can see at the top of the chart, the NASDAQ has really not done much the last few months. It has merely been trapped in a range. The nasdaq hit the top resistance line and now seems to be retreating a bit, however it has not really picked a direction.

The USD chart below has gone from strength to strength!, as it continue to stay within its upwards channel and put pressure on the leader of the market. It seems that money is coming out of stocks and equities and starting to go into the USD and other assets as we have explained recently. Will this continue?

strength of us dollar 

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spx update - the latest spx update

spx update

Our VIP MEMBERS are out of the market, with some nice gains, 90pts infact. Very nice indeedy.

The markets in the next several months are in for a nice WILD RIDE I think. This happens every time we get conditions like we are seeing, so its gunna be very lucrative to those who know what they are doing, I am sure.

This is no doubt the S&P chart right now is looking very healthy. See how we bottomed with the INVERTED HEAD AND SHOULDER and now we are travelling up in a nice upwards channel, that has not been violated for now.

There are many bears out there, since 1450 screaming for a crash, however our VIP MEMBERS were able to do very well on the upside while all this screaming went on, and I have a felling there is more movements on both sides of the market to profit from.

For now, the market more bullish, but a key note here is it is very overbought, and traders who are late to the rally party do not know what to do.

spx daily chart

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McClellan Timer chart - McClellan Timer chart

McClellan Timer chart below.

As you can see the McClellan timer chart is a good chart to spot divergences. The chart below is showing us that the Nasdaq has been in a nice upwards channel since the very beginning of 2013. We have not busted out of this channel on the up side or the down side.

The most important thing on this chart is that the NAMO market breadth has been declining for the last few months, while the price has been increasing slowly and steadily.

The NAMO is still in positive territory and that is a good thing for the bulls, and due to the face we are still in that upwards channel drawn below, that is also favoring the bulls.

The worrying thing here is that rising price, and falling NAMO is not bullish typically.

This chart is now telling us that the 3150 or around this level is very significant.

McClellan Timer chart 

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slowly slowly catch a monkey

slowly slowly catch a monkey

The s&P chart below is telling us a lot right now. While I keep seeing people scream down the markets are not saying that yet.

We are overdone on the upside and met our 1500 targets, however the market does what it does best, listens to no one or nothing. Right now the market is still in a skinny upwards channel. So far that channel has been holding, and for now that is NOT BEARISH.

spx daily chart

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Market Wrap Update - Latest Market Wrap

Market Wrap Update - Latest Market Wrap

Well the non-farm payroll pleased investors today and we went up again. Check out the S&P chart, we are still inside a nice upwards channel. That is telling us things are bullish for now.

upwards channel

One of my free readers here, even had the hide to comment and email me personally and tell me a got it wrong, after we went down one day!, then up we went again today! The nerve of some people.

Go back on the blog, I do not claim to be god or superman, but do the best to provide what I believe to be good valuable advice here.



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