14th-15th: My Thoughts on Market Conditions

I've been slipping recently with my updates and I think it's because there is so many things that happened last week. I realized that my stress from not posting will increase if I don't start somewhere, so I am going to post what I have and will continue posting until I get you guys up to speed.

I did hit my stride last week and I want it to continue. The only way to do so is to review my trades and get better.

For March 14th

Market came back with a bang on the 13th and it broke out of the $201 range. Now it will go on to $205 and test that level. Perhaps, that is when it will stall and peak. If that’s the case, prepare for the bear market to begin.

Didn’t expect the big pull back, but was probably from the market doing so well. Still in the uptrend and I expect it to continue to consolidate or break down. If it breaks down, I expect it to fade and test $1190s.

Oil is consolidating and really looks like it wants to test $40s. However, it might need more consolidating before it does that. Who knows, maybe it peaks out here and starts to fade. I still think a breakout is possible despite the fundamentals.

For March 15th

SPY channeled up for the day and made a new high. I’ll count this as a consolidation and it to push higher tomorrow. I see a positive week this week and positive the last stand for longs before the winter.

Gold broke down today and it’s going to want to test $1190s. I am expecting it to retrace a bit before moving lower.

Oil hit resistance at $39s. Here rejection there and I expect either a pullback or more consolidation. Looking at the weekly chart, it seems that this chart can flag before going higher.