Hello Everyone,
Quick Note: Thursday comments:
Well the SPX reached 4000 today (target) so make sure you are taking profits and/or tightening up stops now on your longs. After hours tonight, we see a few earnings hiccups so it remains to be seen tomorrow if the SPX is able to get a little higher into or filling the gap. But tomorrow is a turn window and the 4000-20 area offers notable resistance. We have nailed many great trade ideas recently on this bounce and it's now time to lock down some profits in accordance with YOUR PLAN. The precious metals put in a big reversal candle today and GDX and especially GDXJ are now on watch for a bounce. In addition, I suggest your prepare some hedges at this stage and monitor the VIX/UVXY which has a falling wedge pattern on the hourly chart.
The SPX played out pretty much as surmised above with approximately a 100 point retrace over the past 3 sessions. In after hours tonight, the futures are trading slightly higher following some big tech earnings reports. Although some missed estimates, their shares are currently trading slightly higher - what matters is the reaction. Now we move to the FOMC on Wednesday with AAPL/AMZN on Thursday so we must remain nimble but thus far price is holding above noted support (will review tonight).
Please take a moment to look at the trade ideas.
