Following the expected second reversal off the 10942 support level (as per yesterday’s video), /NQ has once again rallied back to the channel mid-point line & 11156 resistance level (both resistance) with the next objective long entry to come on a solid break above. Likewise, QQQ reversed after extending the…
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Can we get updates on /E7 and /DX? Potentially metals too as they seem to be connected. Thanks.
Will do asap. I was looking over the charts of /DX, /E7, /GC, /SI and the other PM futures earlier today. In my last update on the PM’s & currencies, I mentioned how the near & intermediate-term outlook was unclear with the metals grinding around in a directionless, unpredictable trend. The next major leg up in gold will likely come if/when EUR/USD breaks out above that primary downtrend line that I’ve covered on the weekly time frame. Until & unless that happens, we’re likely to see gold continue to chop around aimlessly in a tough-to-trade range.
Hi Randy, Do you think the recent strength in SPY and IWM vs QQQ indicates a longer term shift in the market away from big tech?
Great question but I’m just not sure. Big tech may just be taken a long-needed breather & some of the underperformance might be chalked up to the Feds (once again) having big tech in their crosshairs. Typically, a broad-based rally (most or all SPX sectors plus small-caps) is usually a good sign for the market. One less reason to be short at this time (or a reason to be long) IMO.
Downtrend line/top of channel target hit, providing an objective time to book profits and/or reverse to a short for a quick pullback trade (allowing for a brief overshoot of the TL & move up to the 11350ish R level).
QQQ gap fill too