The S&P Wall At 4000
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Before I Embrace The Bullish View…
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Signs That Record Fiscal Tightening Program Is Wrapping Up?
It’s important to understand these particular tea leaves.
Rate Hikes Are Coming
With June and July set for a 1/2 point hike at each meeting, the US dollar weakness and bond/notes strength may be perplexing… but with the ECB joining the hawkish central bank party, the euro and eurodollar strength is pushing back on US dollar and treasury trends. All this could come to a head with the FOMC Meeting Minutes Wednesday; that would be a catalyst for the trends to get back on track. In the meantime, make no mistake about the indices are still in downtrends so no bottom picking!
Buying in a Downtrend?
It’s not the daily that I’m talking about! How do we keep the bottom picking and hope-ium at bay and trade what we SEE. It’s not easy but it can be done as long as we start with structure first. The daily downtrend is still intact and strong, but there have been bounces setting up and I show you how and when to find them in this update.
Shorting the Canaries in the Coal Mine
The ARKK Innovation ETF (ARKK) is arguably one of the worst-performing ETFs in the market right now. That means it is a key canary, along with the top stocks in it. I’m eyeing several of these names to short on this rip, including Roku (ROKU), Zoom (ZM), Roblox (RBLX) DraftKings (DKNG), and more. Want to learn more? Join me on for a free webinar this Wednesday, at 7pm.
Shorting the Rip
The indexes have tried to creep higher over the past two days, which is giving me an opportunity to look for moments in time where I can short the rip. I’m eyeing some of my favorite canaries in the coalmine, including NFLX, FB, LOW, and HD.
Do we give it all back tonight?
The overnight futures tonight so far are noticeably down, let’s talk about what this means for tomorrow.
Soft buying and steady strategic selling
The title says it all, folks. I’m curious about the momentum on the histogram on a 4hr chart and why the 1hr is almost convincing, so I’ll be a cautious buyer.