Q: Quite the rip going on yesterday and today. Thoughts?

A: Almost always some big swings on & immediately following Fed days. My confidence in calling the broad market isn’t very strong right now, especially following that out-of-nowhere Oct/Nov rip but fwiw, I still think the gains over the last day or so is just noise within the larger broadening top (aka- megaphone) pattern on the SPX.

Despite yesterday’s gains and today’s gap, the pattern is still very much intact although admittedly we still have some work to do in order to firm this pattern up, such as a continued move towards the bottom and preferably, no more new highs in the SPX. Weekly SPX as well as some other indices also look to be breaking down or rolling over. Additional commentary & price targets listed on these charts:

On an administrative note, I will be traveling on vacation this Sunday through the remainder of the year. I plan to check in on the markets from time to time although new trade ideas/updates and market commentary will be light over the next couple of weeks. There are several trades that have recent hit their final profit targets (CVX, TSLA, etc…) or exceeded their suggest stop (USO, SGG, etc..) and will be moved to the Completed Trades category asap. I hope to have the trade ideas updated before I leave but feel free to contact me today or tomorrow if you have a question or comments on any of the active trade ideas or any other questions.

Randy Phinney