Early-session analysis of the major stock indices focusing on both the near-term & intermediate-term outlook followed by a brief update on gold. Silver or Gold level access initially required.
The jist of the video is that a decent case for a near-term rally can be made at this time based on the intraday charts while there are some potentially bearish developments in play on the more significant daily chart of QQQ that could have intermediate-term bearish implications. However, a lot can happen to the today’s candlesticks on the daily charts between now & 4 pm today, when that candlestick is finalized. Additionally, SPY is currently backtesting the minor downtrend line which it impulsively broke above yesterday, thereby providing an objective long entry & no sell signals on the SPY daily chart at this time.