In this video, we look at yet another new all time high today as we see FOMC minutes. We continue to set new records on the indices daily. Although we are getting stretched and extended, we don’t want to aggressively short this market as it has an upward bias and momentum on its side. We look at some names with potential while we get closer to earnings season starting.
While the OPEC+ drama continues, crude oil traders are factoring in a chance of more (not less) oil reaching the market and that’s producing the retracement we are seeing now. Is it a buy and what is the problem within OPEC+? I explain the situation and the opportunity in this update.
From the pullback in crude oil and gasoline, to support in corn, and a 123 in copper, and the uptrend you should not mess with in the S&P and NASDAQ.
With the market melting higher and finally giving a red day, I’ll be watching a few important intraday clouds to get a true sense if this pullback is real! Very important to watch all three indexes to see if they start rotating or just pure selling. Eyes on FOMC this Wednesday as a potential market moving event.
With the market finally reaching exhaustion levels, the conversation now becomes how FAR do we pullback, if at all. I will be keeping a close eye on the 2hr and 4hr cloud for ES. This is the best compass to gauge price action for a pullback or dip buy. YM is nearing some big levels that could lead to some upside rotation or more downside, setting the path for the other indexes. NQ is being propped up right now by big tech setups. Be mindful if tech stops and we don’t see rotation. Market is at tricky levels, but with these powerful compasses, we can navigate effectively.
Thanks to OPEC we have some needed pullbacks in oil and oil stocks, and while the trend is still intact, let’s look at some “buy the dip” opportunities and what patterns we want to see first.
While it may not change the market’s trend, it could change the market’s mood and that could spell opportunity for dip buys. Let’s take a look at the FOMC Meeting Minutes environment.
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.
