Sure these markets (and some of the heavier weighted sectors) are pushing at overhead resistance, but as risk appetite rules, where are the markets that will benefit regardless of another pullback high, or new highs?
The watchlist, the levels, relative out-performers, and what I will be watching for Monday.
With AMZN’s big down move, TSLA’s big up move, here’s what I’m doing for Friday.
Some days it’s best to revisit the charts, not looking for new entries, but rather confirming that the current approach is still the one we want to stick with. In this video I explain the levels in the ES and NQ, XLF, Gold, Bonds, as well as how I approach IPO stocks like BYND as they approach their lock-up period.
Distribution is a market environment that reflects a choppy range-bound market. That is a market phase in the NQ, ES, YM, and RYT. The difficulty of trading distribution is that is doesn’t offer the wide margin for error a trending market does. It can be traded but only if you are patient.
Beans as a barometer? Absolutely. It’s much more in line with the main reason the stock markets remain sitting just beneath all-time highs. What’s the message? Wait for a pullback.
In this video, we take a step back and look at just what kind of beast we are attempting to trade and why it requires zen-like patience. I walk through elements of my macro analysis, U.S. dollar, Crude oil, and more.
