Friday, February 17, 2017 10:40:04 AM
and Another Chart Worth Watching
http://www.pretzelcharts.com/
"SPX is getting closer to the 2400 target, but may take a breather here. On the intermediate-term chart, we can see SPX just broke above its trend channel, so this may lead to a rubber-band snap-back to at least test the channel from above. If it falls back in and fails to reclaim it, then bears may get a larger reprieve, but right now, this is looking like a fourth wave correction (see 1-minute chart).
Below is the 2-hour SPX chart:"
"On the 1-minute chart, we can see the potential for some fourth wave shenanigans:"
"I also found the following chart interesting. This is the NFIB small business optimism index, and it spiked enormously on Trump's election. If this breakout sticks, it could translate into a positive impact on the real economy (remember the real economy? I think it's still out there somewhere, buried underneath a printing press and a bunch of Bernanke's beard clippings.)"
"Below is a breakdown with more detailed numbers:"
"So small businesses are more optimistic than they've been at any point over the past 12 years, and the 38% jump in businesses who "expect the economy to improve" under Trump (vs. how they felt in August under Obama/Clinton) is quite significant. Just as for individuals, positive expectations among businesses can become a self-fulfilling prophecy.
In conclusion, SPX may be due for a breather, but thus far the bigger picture still remains bullish for now. Traders who are wondering where fuel and sentiment for a continued intermediate rally could come from might take note of the NFIB survey. Trade safe."
http://www.pretzelcharts.com/
"SPX is getting closer to the 2400 target, but may take a breather here. On the intermediate-term chart, we can see SPX just broke above its trend channel, so this may lead to a rubber-band snap-back to at least test the channel from above. If it falls back in and fails to reclaim it, then bears may get a larger reprieve, but right now, this is looking like a fourth wave correction (see 1-minute chart).
Below is the 2-hour SPX chart:"
"On the 1-minute chart, we can see the potential for some fourth wave shenanigans:"
"I also found the following chart interesting. This is the NFIB small business optimism index, and it spiked enormously on Trump's election. If this breakout sticks, it could translate into a positive impact on the real economy (remember the real economy? I think it's still out there somewhere, buried underneath a printing press and a bunch of Bernanke's beard clippings.)"
"Below is a breakdown with more detailed numbers:"
"So small businesses are more optimistic than they've been at any point over the past 12 years, and the 38% jump in businesses who "expect the economy to improve" under Trump (vs. how they felt in August under Obama/Clinton) is quite significant. Just as for individuals, positive expectations among businesses can become a self-fulfilling prophecy.
In conclusion, SPX may be due for a breather, but thus far the bigger picture still remains bullish for now. Traders who are wondering where fuel and sentiment for a continued intermediate rally could come from might take note of the NFIB survey. Trade safe."
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
