Saturday Review’s recording (for 6/17/17) …Waiting to happen.
I’m sending this week’s Saturday Review immediately since Adobe’s last-minute URL-switch delayed many attendees from entering. The beginning thoroughly examines the current relationship among the three major indexes. If anything, it has worsened, without yet being reflected in overall trends. That doesn’t necessarily require the next leg to be that reversal, and often a final unified bounce develops first. So, we examine both possible paths, 1-2 derivations of those paths, and then also consider the potential for rally extending anyway.
okay good morning and welcome it is Saturday it’s time for the Saturday review we will be doing a hard break at 1030 at the latest preferably a little bit before that but if you have stocks post them when they come to you and we’ll work them and try to get all of them anyway and if any questions come to you as I’m going through the going through the description discussion of the market please post those I mean I get to my way but I will address everything so where are we and the first thing first answer to that oughta be really where are we not what I mean by that is what could have happened and didn’t because what could have happened last week this week was certainly within proximity to Pryor High that was last Friday morning Pryor High on Friday morning and reaction to the employment situation report no no no no sorry so in the morning failed to maintain it and as a consequence missed last week an opportunity for a new trend I close on a Friday we had one of those apple and add portfolio manager smart enough to be involved and that’s where he’s being involved that is in the the Dow 30 type of stock Blue Chip widely followed very liquid pretty consistent or reliable earning streams dividends everything that we all want in our retirement safety they have to be involved but they can’t be in the speculative issues anymore and of course the control group is S&P the S&P 500 not as down in the dumps as ndx but down on a pull back and certainly not on the terror not on the rally mode that the that the Dow is on getting an email someone who is having difficulty getting in just to be sure I did send out a follow-up it has been having some issues going out this weekend and so I’m assuming this is one of their issues that we come in and problem with the with the URL but what else do we know of speaking of the weather the wet X indicator itself is bearish wouldn’t know it to look at it from Friday afternoons price action Friday afternoons price action being influenced finally by the signal that’s triggered at Wednesday’s close it comes its influence comes online as early as noon as late as entering the bias environment 131 2130 and in fact entering the bias environment was no better than entering the noon hour although there had been a little higher high and in fact extending all the way through the bias environment through the final hours entry halfway through the final hour the entirety of that action is Niro raging is it was despite probing like the noon hour of temporary hire High and the final hour or the head of the final hour the final entry have improved a higher high everything it pulled back everything had corrected until that final half-hour so if we can dismiss that final half hour which isn’t optimal but if we can also point out that apart from this closed 24 3450 being touched in the final minutes having picked up basically three points from the cash session closed the entire day the cash session was spent in negative territory also more indicative of a bearish session in Polish so the bottom line is that I’m not dismissing the influence which is important for Monday morning because the wet X influence is exactly that Friday afternoon and Monday morning and if there’s any influence on Friday afternoon better influence in this we’d have a high degree of confidence of anticipating that influence to be more aggressive on Monday morning and I’m anticipating unless disproved by popping up Wednesday night add 25 7525 and outer case unfinished business below the expect that to be an attraction 24 1550 is unfinished business left outstanding Thursday morning 2412 50 last Friday’s low actually the the snap election vote reaction oversold are size they require retest have all of that gives way if that is being tested into the OR at any point during the day if not ever but probably if that’s if we get that much sewing pressure on Monday morning we’re away from the high the highs any gravitational pull that we can contribute to the highest probably your relevant at that point and rather than produce that fresh hi we would simply be looking for deeper pulled back deeper pull back being something on the order of a man is under 24 1250 really 24 1250s test likely to be a point lower than that then 925 2407 & 2399 do we need a new Hive two counts we do need a new high and do I close a new hi. Because on the morning couple Fridays ago the reaction to the to Britain’s elections and that’s still not right that is not the correct cause so in any case and reaction to the new high or while printing the new high are a size 1 in 3 minutes I’d simultaneously became upper body at the height that requires a retest the prior Friday while that intrenched the uptrend and told us that the interim pull back would be temporary still hasn’t been rewarded with its own new closing high that there has been a new High clothes that’s Wednesday basically but it’s so mitigated by probing higher the interim Friday by probing higher even that Wednesday morning the Gap up and that the new High clothes was within the all of those ranges it’s just not qualifying that’s not in the spirit of satisfying and fulfilling these buyers for that effort they made that produced a new I close on Friday so in 25 1250 pricetown first and then we have that 2447 or 2445 2553 outstanding is less likely now as much time as has developed to get out of this range that becomes much less likely to be terminal and whether or not that is immediately exceeded or whether that is interrupted by a dip to lower prioritize which will watch for the potential that in fact this is just a temporary false break but at this point if this leg is inserted in the pattern at this late stage probably a pullback would recover tell her hi so that’s one shade One Small Change potential I mean it’s potentially big change but just one small Edition new possible leg that would develop so the bullish pattern is actually to dip about 35 points here test 2499 and not just touch it but actually prove it or 2399 from 30-30 150 the cash Section Quiz basically or actually it’s lower than that 3050 if we drop this 31 points get that done probably at this late stage that means we’ve got much higher Highs coming not just back to 2445 2553 or 2453 but even higher right yet as far as looking at the comparisons and also as far as looking at it needs to hold on Monday morning it also needs to be and what end of this week but at the end of the following week so there’s no Saturday review that weekend but there will be next weekend that seasonal that seasonality tends to be bullish at least to the extent that it prevents selling off prevents or makes unlikely not necessarily enter of Richard a drop or even a one or two-day drop but an actual Trend reversal to the downside so if the market is going to complete some upside of jective and I do so on a timely basis so its position and if not actually not only position to but already trending down before the July for Holiday otherwise down Trend reversal of the rally or break lower from an ongoing trading range and other case would be delayed until at the very earliest right after July 4th typically though several days of protection after that alright I see a couple people made it in again I apologize Adobe is very odd and how they change the domains radically and I think that’s something that they are aiming to correct and their update that goes out tomorrow night the point to that being that the chart-room is unavailable I’m being told from 10 p.m. to 2 a.m. eastern Sunday night to Monday morning 10 p.m. to 2 a.m. they did this couple weeks ago as well when they’re when they’re and recordings were having difficulties they weren’t sinking appreciate it very much low volatility cause mood end prematurely it does that’s true that is a that is at least it causes the trend to to change the way a tense but if it’s a narrowing range this one hasn’t really been narrowing but if it’s a narrowing range it does tend to break falsely and One Direction before reversing in the opposite direction have more substantial and if that means small break in other words it’s narrow range low volatility range which is gotten shopping but still centered if it suddenly breaks higher that’s going to be a lot likelier to contain a peek brakes lower 2399 and reverses more substantially to the outside that’s going to be likelier to break through the 2443 or 45 that is 53 upside calculations please go back to the first part of the comparisons among the three major indexes and the problem persists money is big money is rotating into safety and how to have a great weekend take care