The following video provides late-session technical analysis covering the major stock indices and trade ideas such as MJ & the cannabis stocks, BYND, US Treasury Bonds, crude oil, natural gas, OROCF & GOOS. Silver or Gold level access initially required to view.
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Downtrend line minimum bounce target hit. Closed 1/2 of /NQ long & will trail up stops on the remaining lot for now although still undecided on whether I want to gamble holding an /NQ position into AAPL & FB earnings.
Decided that I will close out my remaining /NQ long just below the 8113.50ish R level, if hit today or no later than shortly after the close if not.
Target hit, /NQ closed out. Will let the dust setting following the conf. calls for AAPL & FB & then look for the next objective entry, long or short.
Thank you
Randy, what do you think of the divergence between the bonds/notes versus the broad indexes. After the FOMC today, the markets decided to go higher yet, bonds and gold didn’t go down. I’m remember you talked about bond/notes market usually more correct than the equities when there is a divergence. My thinking is that the bonds/notes markets are anticipating a market correction soon, (1-2 days)
What do you think?
Agreed. In fact, I’ve discussed that in one or more of the videos & posts over the past several weeks since I started highlighting those bullish developments on Treasury bonds (that a rally in T-bonds, while stock continue to rise, is often red flag as it is indicative of institutions (the ‘smart money’) moving out of stocks & into T-bonds in anticipation of a correction in the stock market.) As far as the timing of if & when a correction starts, we’ll have to let the charts of the stock indices be our guide as divergences between Treasuries & stocks… Read more »
@rsotc Hi Randy, can you give me your thoughts on XOP, does the chart still look interesting to you? I see an unconfirmed bearish engulfing candle in the one daily chart. Thanks