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Wednesday, February 15, 2017

Market update with sell targets

Market makes a new high, after a little head-fake in the morning. I call it a "head-fake", because it wasn't until the upper blue trend line broke, that we saw the market head higher.

The 30 min Dow chart now becomes our stop hunt. Thinking we could see profit taking ahead of the long weekend. Not looking for a crash here, but a complicated sideways pattern in wave 4 (of 5), although the fist leg down should be a good trade. Key support remains 20,222

Looking at the $SPX
May already be in a correction if yesterdays head-fake is wave "b", in a running triangle. $VIX remains elevated - trading well above the 9.97 bottom. Fear that.

$RUT - Lower high, no momentum. This could be a case where new recent highs aren't a bullish indicator. Key support 1392.

There is the possibility of a crash, and Goldman Sachs is right when they say, "the market overshot".

$BKX - Looks like the banks overshot as well. Overshot to the downside in wave 4, and overshot in wave 5.

Overshot in stocks like Deere & Co - reports on Friday

Meanwhile - Biotech breaks out - lifts the NASDAQ

$SOX consolidates sideways

Could see a wave 3 crash in gold miners
$JNUG is the 3X junior minors bull. Be careful this one runs hot

Random chart - FaceBook $FB


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