The following video provides late-session technical analysis of the stock market, market-leading FAAMG stocks, gold, silver, & natural gas. Silver or Gold level access initially required to view.
- The video begins with an update on the market-leading FAAMG stocks as the first of the five (MSFT, Microsoft) has reported earnings, resulting in a broad-based selloff today.
- AAPL (Apple Inc.) has made an impulsive breakdown below the primary uptrend line, triggering a sell signal although the company doesn’t report earnings until next Thursday after the market closes. As such, it is unlikely that we’ll get substantial follow-thru to the downside until at least AAPL and/or a few more of the FAAMGs report.
- Both /NQ (Nasdsaq 100 futures) and /ES (S&P 500 futures) went on to make impulsive breakdowns below the 60-minute uptrend lines were highlighted earlier today, thereby triggering those (at the time) pending sell signals.
- Both /ES & /NQ have hit & are currently trading at my first price targets (from those 60-minute charts posted earlier), which I suspect will mark the lows for today soon to be followed by a late-session rally into or before the close today and/or into tomorrow.
- Near-term bounce or not, I continue to favor a substantial (double-digit) correction in the coming weeks.
- /GC gold remains above the previously highlighted trendlines while still in an uptrend with the sell signals still pending.
- /SI silver has cracked below its 60-minute uptrend line but not very impulsively & without a confirming breakdown in gold.
- /NG natural gas went on to trigger a buy signal on a breakout above the previously highlighted 60-minute chart & has hit the first price target & is currently consolidating at that 1.786 level