Negative divergences continue to build as /NQ (Nasdaq 100 futures) tests the 7980ish resistance level which is the same level that it reversed at back just over a month ago with comparable divergences in place. The near-term trend since Oct 3rd remains bullish & although there are not any sell signals at this time, the R/R the major indices on the long side is quite unfavorable. A near-term sell signal would come on a break below this minor 60-minute uptrend line.

NQ 60m Oct 17th

NQ 60m Oct 17th

/NG natural gas is backtesting the minor uptrend line/60-minute price channel as well as the 2.432 R level from below while the near-term trend (higher highs & higher lows) still remains bullish for now. However, the weekly nat gas inventory report at 10:30 today is likely to either confirm the uptrend with a break above yesterday’s highs or call it into question with a break below one or more of the recent lows.

NG 60m Oct 17th

NG 60m Oct 17th

MJ still appears poised for a likely & imminent breakout above the 19.86 level which would likely spark a short-covering rally in the pot stocks.

MJ 60m Oct 17th

MJ 60m Oct 17th

Other potential trading opps at this time include GBTC (Bitcoin Trust), many the various trade ideas covered in the recent Specialty & Generic Drug stocks video & BYND (Beyond Meat), all as potential longs.

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