Ten Fast Facts On The Current State Of The Stock Market

The fact that the endless stream of scary news about ISIS, Ukraine, Gaza could not phase this market remains bullish.
The market was able to go through the FED minutes and Jackson hole without the volatility most expected. It is the same old thing, the FED has the Bull’s back.
Currently at this point in time on the charts there is no evidence of an imminent pullback happening in the market. I will be reacting to what is happening not attempting to predict when something is going to happen. I have been tightening my stops on my longs on the way up last week but I am waiting to either be stopped out with an end of day close below the previous days lows or will sell my $SPY longs into a rally into the 70 RSI at the end of that day.
The risk/reward on the daily chart is starting to shift against long equity positions here but there is still room for higher prices, we are not overbought in my model. A switch to small caps leading or to weaker sectors would help the rally continue higher.
We still have room to run higher in $SPY to the 70 RSI. Odds are on support for $SPY at the 5 day ema in $SPY.
$INDU went into a needed two day price base. It would be healthy for the chart to stay in a range for a few more days before higher. My $UDOW stop is a close beneath the previous days low of day.
$IWM is struggling to find support at the 50 day sma. It has the best risk/reward left of the indexes because it has been the weakest for the whole summer. I will be stopped out of my $TNA position with a strong close beneath the 5 day ema and 50 day sma.
$QQQ is now in overbought territory and can use time here to build a base. $QQQ does have the tendency to go parabolic more than other indexes and could possible see higher prices before a sizable pullback.
Financials finally saw the breakout of a long term price range but went no where Friday. It has room to run higher.
Currently the stock market is in an up trend on all time frames. The long side is where the dollars are the nickels are on the short side, for now.

The fact that the endless stream of scary news about ISIS, Ukraine, Gaza could not phase this market remains bullish.

The market was able to go through the FED minutes and Jackson hole without the volatility most expected. It is the same old thing, the FED has the Bull’s back.

The risk/reward on the daily chart is starting to shift against long equity positions here but there is still room for higher prices, we are not overbought in my model. A switch to small caps leading or to weaker sectors would help the rally continue higher.

We still have room to run higher in $SPY to the 70 RSI. Odds are on support for $SPY at the 5 day ema in $SPY.

$INDU went into a needed two day price base. It would be healthy for the chart to stay in a range for a few more days before higher. My $UDOW stop is a close beneath the previous days low of day.

$IWM is struggling to find support at the 50 day sma. It has the best risk/reward left of the indexes because it has been the weakest for the whole summer. I will be stopped out of my $TNA position with a strong close beneath the 5 day ema and 50 day sma.

$QQQ is now in overbought territory and can use time here to build a base. $QQQ does have the tendency to go parabolic more than other indexes and could possible see higher prices before a sizable pullback.

Financials finally saw the breakout of a long term price range but went no where Friday. It has room to run higher.

Currently the stock market is in an up trend on all time frames. The long side is where the dollars are the nickels are on the short side, for now.

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