I’m starting tonight with the long bond and the 10-year, because the intervention news is there but the move isn’t strong enough to convince me yet. The S&P is still losing squeeze momentum and I’m watching for a move back to $7,600. The name I actually want you on is Tesla: it’s closing into a 15-minute squeeze, $350 is the inflection, and clearing it opens a path to $360.
Rare session today. We gapped down and then sat in a range of less than 20 points, and the bigger story was the reversals showing up across the semis. The SPX finally cracked the $7698 level I have been watching, which opens the door to the 21 EMA at $7647. I am playing for reversion to the mean and using it to shop for longs.
SMH is breaking out to the upside, and along with it, so are multiple semiconductor stocks. I’m eyeing AMD due to the breakout above the 50 SMA as well. Let’s take a look at the squeeze, along with the previous highs and target at $550. Come trade it with us in the Mastering the Trade room at Simpler Trading.
Markets made a new high, but under the surface, not everything is moving in a happy way. Things are so strong that even a pullback wouldn’t change trend for now.
