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DAILY MARKET RECAP Tuesday September 5, 2017

Posted on Tuesday September 05, 2017

Key Developments :

 

  • Traders Tape


What is a traders tape? One where pattern after pattern shows up in both directions. As we see below, a H&S top triggered and acquired it’s target today. Followed by an inverse H&S which acquired it’s target just after the close of trading. Follow through above the 246.39 target would target 247.19.

I still see things as a very difficult read here. Big picture we are still in an uptrend, but topping risk still exists. It appears like a trading range is forming for now. Below are the 2 patterns I have my eyes on. One bullish and one bearish. In between, it’s just trades.

 

 

The Bottom Line:
The market is still consolidating after acquiring major targets. I still don’t see the need to be aggressively long just yet. Additionally we are seeing some breakdowns in the financials which could act as a headwind. I still see this as a time to be patient and let the price action settle out and lead the way. With the overall trend still up, it’s hard to be bearish and still feels like we should give the bulls the benefit of the doubt, but there are still some problems in the price action to deal with, suggesting the market needs more time. Continue to monitor the patterns shown above in the S&P and below in the Russell and the Qs to lead the way. 

KRE broke major support.


XLF

QQQ

IWM

The above is  be used for Informational purposes only. The charts are fact, however my interpretation is an opinion which I am sharing with readers. None of this is a recommendation to buy or sell anything. You must do your own due diligence. 

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