Not much new to report on the major stock indices since today’s early update. Basically, the game of ping-pong continues with QQQ closing at the top of the recent trading range as it continues to bounce between support & resistance over the past week.
QQQ daily 2 March 1st
/CL (crude oil futures) were highlighted as offering an objective short entry in the video published earlier today as it had just triggered the second sell signal & objective short on a break down below the larger (lower-most) uptrend line & was backtesting it from below. Shortly after that, crude began to move sharply lower, falling over 3% with about another 3% downside until the second target of 58.90ish is hit.
CL 60m March 1st
Although I favor a reaction & potentially the end of the correction in crude if/when that second target is hit, crude could very well drop beyond the 58.90ish support level. That would most likely occur if the Nasdaq 100 once again fails at this resistance level & makes another run back down to & especially if below the recent lows (bottom of the range over the past week). Should that occur, the energy stocks (XOP, XES, XLE, etc..) will likely outperform the broad market to the downside. Otherwise, a solid break above the top of this recent range in QQQ would open the door for a run at the 330.50ish resistance level highlighted in today’s video. To be continued tomorrow…