Surely EU gas prices are part of the macro picture? I imagine EU power plants with dual fuel capabilities will have switched to oil, and therefore won’t these high EU gas prices add to the support for global oil prices at least over winter? – ok I’m usually wrong.

What is your thoughts a to VXX?

My thoughts on that are here: https://rightsideofthechart.com/long-short-term-stock-market-analysis-12-16-21/#comment-22862

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Well today’s gap down certainly was more bearish than bullish, taking QQQ now solidly below the post-FOMC rip. However, QQQ opened around that key 382.80ish support so needs to clearly take that out as well as the two reaction lows from 12/3 & 12/6. When/if that happens, I think that would have the potential to spark another wave of impulsive selling.

I’d say maybe to start scaling into index shorts with my preference the $NDX (QQQ, QID, SQQQ, /NQ, /MNQ, etc.) & $RUT (IWM, TWM, TZA, /RTY, /M2K, etc..) starting here & adding to the position depending on how we close today as well as where we trade next week (e.g.- short bounces into resistance and/or breaks below support). I’ll do another video shortly covering objective levels to add shorts as well as potential stop-out levels as well as bullish or bearish developments to watch for.

Still short oil as a long-term swing/trend trade. Can’t speak to nat gas in the EU as I only trade US-based nat gas (/NG, etc…).

/NQ has potential (but unconfirmed) divergence on the 60m chart as do several of the top components of QQQ. However, /ES does not have divergence so while the case can still be made for a rally from here, I’m still leaning towards more downside in the coming days to weeks but today has the potential to firm up a lot of those 60m divergent lows & also give us another questionable (non-confirmation) candlestick on the weekly chart. My preference, for now, is to say mild to moderately short the indexes as a swing trade with room to add (or subtract) short exposure depending on what happens today & early next week.