Watch For the Pre-Powell Levels
With rate expectations returning to where they were when Powell spoke on Wednesday, markets could go back down to the pre-Powell levels. That would put the /ES at 3964.
With rate expectations returning to where they were when Powell spoke on Wednesday, markets could go back down to the pre-Powell levels. That would put the /ES at 3964.
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.
Firelines are the most significant levels within the Voodoo Lines indicator. So when a major index nears one of these firelines, we take notice. We have two indices currently in close proximity to these important levels.
Many smaller cap stocks are forming 4 hour bull flags. If the overall markets don’t crack next week, I will continue to buy the ones that break up, like PLBY did today.
In this video I outline an argument for continuing the trend of the market moving sideways to higher. Specifically, we look to energy to lead the way as the Squeeze Pro has a lot of compression for things like XLE and even more so OXY and XOM.
In today’s video I walk you through a tale of caution, which is, look out for a bear trap on Monday. Anything that is convincingly bearish is just a charlatan, and should be seen as a buying opportunity. We are very much above all checkpoints that confirm a bullish trend and we need to respect it.
As we head into tomorrow’s employment data it’s hard to know exactly what we’ll be presented with in stocks, but if bulls are still in charge, these are 3 of my favorite picks.