I think of tonight’s update as really just that, an update. The reason is that most of what we have working from recent trade ideas is working well and thus needs little attention. I do want to point out a couple of very interesting new observations in Crude and Corn that are worth paying attention to.
Software stocks have really been nailed on the spike in interest rates, as their high price/sales valuations fall. If bonds stay up, I think the unloved software stocks are buys on dips.
It’s a short week for the market, but the structure of key charts continues to lean in the favor of the bulls. Here’s a few of my favorite setups that looked poised for more upside, market-willing.
The bulls have done a good job keeping much of the progress they made over the last few weeks. From here, a path into the daily 200SMA seems likely, and here’s a few of my favorite setups that should benefit from more strength in the market.
The setups don’t have to be fast and furious but rather 1) Find Directional Bias and 2) Wait for our pitch.
Here’s where the journey higher is reaching the resistance that makes higher highs more vulnerable.
In this video, I discuss the action we typically see in the market during the holiday week as well as when SPX attempts to break above the 100 SMA after being in a bearish trend. I also walk through two different trade ideas to consider given the chart analysis.
In this video I walk through the charts on META and discuss the overall bearish sentiment as well as several different trade ideas to consider if you are looking to play this back down to 100 or lower.
Sideways yet again. All roads seem to still lead to 3960 ES as they have for over a week. Tonight we will try to make sense of the next leg and which way that may be, but for now it’s just more of the same.