The SPX and NDX are close to filling their gaps from the positive CPI report in November. I will now be looking for stocks already at support, and showing relative strength, for buy ideas.
AMZN has several different technicals and time frames that look weak and could spark a new run to the downside and in turn could create new lows for the year. In this video I walk through the charts and data and talk about a couple of different trade ideas to consider to play the move lower while keeping risk small.
AXP is looking weak across multiple time frames with a couple of different signals saying this could potentially move lower. In this video I walk through the different time frames, what to watch for, and several different trade ideas to consider.
We knew this week was likely a wild one with CPI, FOMC, ECB, BOE, OPEX, etc… The week did not disappoint. Let’s review how we got to where we are now and what that has us thinking about the next leg.
Some major technical changes to the market that we need to review before next week.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
Major indices have turned down, breaking below the most important of the nearby Voodoo Lines levels. Breaks of symmetry can help confirm that the trend is changing in the moves below those levels.
After the huge red candlesticks early in the week, markets just kept getting sold into every bounce. Because of no wash-out candles yet, markets could go lower, but the /ES has good support at 3760.
