Friday, August 30, 2019

Market Update 8/30/2019 - Looking Ahead To Next Week

Believe me, I'd like to blog about the fact that the former head of Obama's FBI, isn't going to be prosecuted, for leaking classified information to the Leftist Main Stream Media, in order to launch a bogus investigation against a political opponent (President Trump), but that's off topic.  Even James Comey's top FBI team was "stunned", he leaked...  [New York Post]

I got the direction right again, and looks like the Bulls are going to get paid on those weekly Options, they rolled over last week. Yes, the game is rigged, but knowing that makes market timing a lot easier.

This morning we see $SPX futures pressing the 50 day ma., but this seems a little rich. I'm not saying it can't take the 50 day, and hold up into early next week, on light volume, but we're certainly not off to the races here, for a number of technical reasons I just down have time to delve into. I've already been working on this blog for several hours, and need to get it publish, before the opening bell, unlike yesterday. Yesterday, I thought I hit the, "publish" button, and then I got distracted by the open. I shouldn't have to work this hard going into a holiday, but this is a good trading environment.

$SPX: I was able to find a trend, once this rally continued for a couple day's, but I don't expect it to last. I don't believe money managers are going to chase this, so we could see a buyers strike next week.



$RUT - took out the target I laid out in yesterday's update. I was kind of amazed myself, but this morning we see it up again? Let's go to a 60 min chart.  


$RUT - fresh 60 min chart. I see resistance @ 1515. I see a trend that is not up. That's all I got!



 Gold, and Gold miners continue to hold up. I like the 3X Junior miners BEAR, on the next washout lower.

$JDST - $8 maybe? Just looking for a little washout, but that looks like 20% from here. That's not a huge move for this fund. Don't trade these miner ETF's unless you have a strong stomach.




NATURAL GAS:

Another one of the things I'm seeing is a big breakout in Natural Gas, and if you're interested in that trade, drop $100 in my PayPal, and I'll be happy to share the charts, and provide an upside target.

 The energy trade is showing some signs of life, but I think we aren't quite there yet. That's the most hated sector, so I'd like to find the bottom....

Thanks for following this blog, and the Public charts area. and if you have a stockcharts.com account, please remember to vote for my Public Charts daily. Helps me move up in the ranks. 

Done Stamp! 
AA




     

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