Not much new to report on the equity markets as QQQ continues its recent modus operandi while now working its way up within the lower half of the 60-minute price channel since crossing back down into it last week. Remember, we have a slew of top-weighted components of QQQ reporting later this week including MSFT, AMZN and INTC so with the channel starting to get a bit long in the tooth, this pattern of stair-stepping higher within this 60-minute price channel isn’t likely to last much longer. That doesn’t mean prices must or will break below the channel, just that the trading opps of go long on pullbacks to the bottom of the channel (when QQQ is trading on the lower-half) or the mid-point line (..upper-half) and/or selling/shorting on bounces back to the top of the channel or mid-point line are unlikely to continue to present themselves much longer.
While I might normally do a mid-session video update on the markets & anything else that stands out, I have a nasty cold that has moved up from my chest to my head so I’ll spare everyone the sniffling, sneezing & congested ramblings as there isn’t much new to report since Friday’s updates.
MJ & the cannabis stocks still appear poised on the verge of sparking a short-covering rally but just need that slight nudge to get it going & ditto for GBTC (Bitcoin) which continues to hold just above key support for now within a bullish falling wedge pattern on the 60-minute time frame. The precious metals continue to grind around in a large, sideways consolidation range although the recent breakdown in the $US Dollar increases the odds that the direction of the next major trend out of this range in the metals will be to the upside.