Folks, Market Observations for the Week: The FANG stocks led the NDX to another new high while the SPX continued its consolidation. The ADP jobs report came in weaker than expected and that makes the NFP jobs report on Friday more important in our analysis. The SPX could continue its consolidation into the 9/3 NFP…

Folks, Market Observations for the Week: The new housing starts report came in weaker than expected and that got stocks off to weak open – economic weakness is showing up in the data as the Delta variant runs wild. Market weakness accelerated after the FOMC minutes – the majority of the Fed appears to be…

Folks, Market Observations for the Week:  Money flowed back into tech today as financials were sold at the open and the oil stocks treaded water for most of the day, however, the SPX got enough juice from tech stocks to again test the all-time high at 3393. The SPX got off to a positive start…

Folks, Market Observations for the Week: Good news on vaccine development and an ISM manufacturing report that exceeded expectations at 52.6% shot the SPX to highs for the week. The NFP jobs report pre-market Thursday will be a big market catalyst – our bias is for a big rally day. The Option Premium Ratio shot…

Folks, Market Observations for the Week: Good news on vaccine development and an ISM manufacturing report that exceeded expectations at 52.6% shot the SPX to highs for the week. The NFP jobs report pre-market Thursday will be a big market catalyst – our bias is for a big rally day. The Option Premium Ratio shot…

Folks, Market Observations for the Week: The SPX made its high for the week early Friday before declining into the close. However, the E-mini has only declined in 3-waves from early Tuesday into Sunday evening and is bouncing into Monday. Our bias is for another leg up in the SPX to finish a B-Wave off…

Folks, Market Observations for the Week: Fears of a COVID-19 break out in the south helped to accelerate the SPX correction today and we got 5-waves down on the SPX. We filled our gap target at 3113 and the C-Wave kept sub-dividing down. We are getting a 4th wave bounce overnight in the E-mini and…

Folks, Market Observations for the Week: The SPX did reach a short-term peak late Monday and we started a small correction. The SPX is pulling back into the Fed minutes on Wednesday – we’ll see if the Fed has any surprises left for the market. The grip of FOMO (fear of missing out) and irrational…

Folks, Market Observations for the Week: The SPX and NDX continued their blow off into Monday and we saw the lowest CBOE equity put/call ratio (.37) since 2011 and the 10-dma of this ratio < .50 which is a major sell signal. We may have seen a short-term SPX high Monday, but the market is…

Folks, Market Observations for the Week: The SPX and NDX again made all-time highs on Friday's Triple Witching expiration with the SPX hitting our target of SPX 3225. We can now see an EW 5-wave up pattern completion from the 10/3 low. Interestingly, the price action from 10/3/2019 is the EXACT INVERSE of the price…