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Next batter up, J. Powell
I still see this week as being all about Friday morning when we hear from Fed Chair J. Powell. Sideways consolidation is all we have had to work with for the last two days and I suspect mostly that until we get new information to reprice from. The question then is, of course, up? or down? I have a lean and I’ll share that with you tonight.
My Favorite Momentum Plays
It’s hard to say what the broad market will look like ahead of the Jackson Hole meeting on Friday, but if you can find stocks marching to their own drummer there are still opportunities.
Is this the dip?
In a simple answer, YES. In this update, I share where I am most interested in the dip buy and why.
Trading a Buy Setup in Crude, XLE, and XOM
The energy sector, in addition to high fuel prices, have been in focus most of the year until we finally saw a bit of a reprieve this summer. However, I’m betting this break won’t last long, as I’m spying buy setups in the energy space along with a buy setup in a key energy stock, XOM. Let’s discuss the whys and the how beyond how to trade these setups.
Futures Markets Update – The August Reset
After trading to a recent swing high of 4327 for a test of the 200 day SMA we now find ourselves back at the starting point of 4137, the August monthly open. As discussed previously, I do look for the balance at 4120 to trade and for that to tell us what we need to know about who is really winning the fight. Stay tuned for J. Powell Friday morning. All attention appears focused there.
Daily market update – countertrend or uptrend?
The Voodoo Fireline isn’t just the most important level of all the various Voodoo Lines, it’s also the spot I’m watching to decide whether this market is turning back down or consolidating in an uptrend.
A volatile week recap
Risky week coming up with Fed at Jackson Hole. Let’s review a couple of significant red flags you should know before Monday.
Expecting Heavy Showers
That’s right, I’m expecting another selling event into the last week and a half of August left. In this video I give reasons why — based on a few interesting indicators showing me that /ES at 4100 and lower wouldn’t be surprising at all.
OXY and the power of technical indicators
Shares of OXY were up 10% on Friday, and with the help of our Voodoo Roadmap we were able to be in well ahead of the news. Let’s look at the setup and what that might mean for prices further down the line.
