We setup sell signals for TDOC and RBLX earlier in the week and with both of them closing on their lows today it’s a setup worth knowing. We’ll also update XHB where we’ve seen some strength but haven’t made the lows, along with what this market needs before we can start buying stocks.
We knew coming into Thursday that 4500 would be a key area of resistance for the S&P. With the index closing nearly 3% off the highs we see just how key it was. Closing on the lows usually bodes well for more bearish action, and we really need to see the put/call ratio get above 1 before any kind of meaningful low can be made.
It seems we have come full circle from a week ago and the S&P has not gone anywhere “new” despite TSLA and NFLX earnings. We can look elsewhere for the path of the indices, and we do just that in this update.
As the S&P refuses to breakdown from last week, has anything truly changed about what is next for the indices? Likely not, however, there are other trends that are clear and worth a look for setups.
Mid week update since we last met Monday afternoon. The market is higher but can and will it hold? I’ll do my best to prepare you for both scenarios up and down from here into the end of week.
In this video, we go over the price action so far this week and what I am looking for in the coming days. We have all the big tech reporting next week with AAPL and AMZN both reporting next Thursday. We have to watch this as this along with NFLX, TSLA, MSFT, GOOGL will have a huge impact on the market direction.
In this video, we go over the price action so far this week and what I am looking for in the coming days. We are waiting on big tech to report next week with AAPL and AMZN both reporting next Thursday. We really have to watch these names, as this along with NFLX, TSLA, MSFT, GOOGL, will have a huge impact on the market direction. We also have looming rate hikes coming and much more fun trading to look forward to. Lastly, I go over my Lotto ticket of the day today which went to a full pin although I posted to close it early.
Today equity correlations broke down with the ES up and the NQ down. In addition, the recent bearish crude trend continued despite the very bullish CL inventory release.