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Stock Market Update 09-09-17

A short week in the market this week and outside of Tuesday — pretty uneventful — with a few warning signs on the daily chart which I will get to in a moment.

No great trades for me this week — and no big losses — just a break even close in MEIP.

With that said, let’s take a look at the charts:

HOURLY

After a few SOLID down bars early in the week we settled into a trading range and stayed there.  The worst type of range bound market for me.  That doesn’t mean there weren’t some standouts — like $ABBV — racking up a nice 13% gain on the week — but as far as the index goes — nothing much happening.

DAILY

Here are the warning signs I was talking about earlier.  Those wide range down bars and the high volume on the downbars do not look good to me.  Still — until something actually HAPPENS — we sit still.  Because — the weekly chart —

WEEKLY

Look at that uptrend.  It’s going and going and going.  And until something decisive happens — the trend is up.

Until next week — the market is YOURS!

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