Yes, the economic reports are likely to determine whether stocks hold & rally off these key uptrend lines or break below them & head lower. I covered that in a video that should be posted soon. Definitely could go either way and those bullish can (and should have both yesterday & today) go long at the pullback to those trendlines while those bearish need to see them clearly taken out for the next decent swing short sell signal.

Here’s my reply to my thoughts on nat gas under one of the post from Monday (2 days ago) Still no change in my thoughts but feel free to bump me again soon: https://rightsideofthechart.com/es-nq-spy-qqq-charts-2-12-24/#comment-30781

I’m thinking……The market started out down the first 2 days this week.
Every time the market started out down early in the week, it made a comeback and ended the week positive over the past 3 1/2 months.
The market has put more than 2 down days in a row only once since October.
Only 1 down week in the last 15 (1st week of Jan. S&P was down a whole 1%)
Dip buyers still in control.

Your funny Randy! “the latter” LOL … say it isn’t so! Here is a glance of the Bull 1 hour Channel forming this month on the QQQ … the lower edge of the channel is the October 2022 trend line. So, if the latter doesn’t happen tomorrow and tomorrow’s reports are seen as positive the Bull run could be upwards of 4% back to the top of the channel. After taking the bait on yesterday’s whipsaw I’m still positioned for “the latter” to take place as well. 430 will be a tough cookie to crack for sure.

I’ve lost soooo much money trying to figure out NATGAS … IF I get back into that arena anytime soon I’d do it via LNG Producers and LNG Shippers. You may want to get your Doctor’s approval before you risk anymore money on NATGAS … Good Luck! ?

Quite a few potential market-moving economic releases tmrw morning from 8:30-10am so if we’re going to get a solid break below the Oct trendlines & send META & AMZN back down into those big gaps that could certainly be the catalyst. Because of all those big releases & nothing on the calendar today (coupled with the fact that SPY & QQQ both closed on the uptrend lines yesterday) the sideways/flatish price action today is what I figured we’d get. Tmrw the market will likely be up or down 2%+. Leaning towards (and positioned for) the latter.