Technical analysis on the US stock market via SPY, QQQ, /ES, & /NQ followed by updates on gold, the Euro, & US Dollar. Silver & Gold level access initially required.
Key points:
- Both the near-term as well as the intermediate-term trend in the stock market remains bullish for now without any sell signals. However, the major stock indexes have negative divergences building on the 60-minute, daily, & weekly time frames which indicate the odds for a correction are starting to build at this time.
- Some nearby support levels in which a sell signal could trigger as well as some potential near-term pullback targets are highlighted in the video.
- The $EUR/USD appears poised to print a solid weekly close above both the long-term downtrend line as well as the previous reaction high, helping to confirm the recent breakout.
- While the US Dollar has fallen to multi-year lows with the Euro breaking out, gold remains well below the previous bull market high from early August. As such, we still don’t have an ‘all-in’ buy signal on gold at this time, rather an objective time to be scaling back into long-term positions in the precious metals & miners.