This morning after the opening sell-off in the S&P the volume support signaled a buy, and that was the trade of the morning. What about the afternoon sell-off? We take a look at volume, volatility, and more for this walk-through.
With the bond futures still getting crushed, I am only looking to buy dips in charts with decent hourly patterns.
Cocoa is good. Treasuries diverge so I’ll say bad. Corn looks flat out ugly. Coffee I’ll say mixed as in not bad but certainly not a great trade. Nat Gas is up there on the totem pole with Cocoa as in Wow! All of this and the ES still refuses to break, so higher there until it’s not.
Largely a recap do-over of last Friday’s end of week wrap up where we had in mind still a little higher in the ES. I have in mind about the same targets and support levels but we’ll take a look at tying it in with the calendar and options chain as well.
There may not be a reason to buy anything in this market, but if there is, we should first see that in the macro picture. Let’s start with one of the most important charts in the market, and then move down into what we might see from XLY.
In this video I walk through my analysis on QQQ and what you might consider trading if you want to be more directional going into the CPI data. I also walk through a trade idea to consider if you want to play off the possibility of a volatile move around CPI rather than picking a direction.
In this video I walk through two different things I am watching for on AAPL to consider a short to play lower. I also discuss a couple of different trade ideas to consider if the signal appears on the charts.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
AAPL closed the day right at an important decision level with implications for its longer-term trend.