Will do. I wanted to cover the Mag 7 in one of the videos today but had too many other things that warranted coverage first & didn’t want any of the videos to run an hour+.

One of the M7’s that stand out right now is AMZN which is backtesting the primary uptrend line on the daily chart from below while also at resistance on this 60m chart with a sell signal to come on a solid break below this 60m bearish rising wedge, especially if QQQ & the majority of the other Mag 7 confirm at the time.

Thx for sharing. I typically use IRA’s when buying ETN’s or anything that might kick out a K-1 but primarily use futures in my trading account so not an issue. Just passing along for those that might want to avoid getting a K-1 so best to check the website of any ETF/ETN//ETP issuer (as you did) if concerned about it.

I have a mix of ETNs & ETFs in my various watch lists & can’t keep track of all those that issue K-1s.

Good question & I covered that in yesterday’s video but don’t mind repeating. The scenario that I laid out in yesterday’s video(s) was that if we got a 50bp cut (which, of course we since did) that it would likely be bullish & trigger a breakout above the downtrend lines (SPY, QQQ, SOXX) along with a new high & SPY to take it up towards the top of the “final market-top range” that I first laid out in late June & many times since.

However, based on the percentage gain to take SPY up there (only about 3% before the rate cut yesterday), I projected that QQQ would likely only rally up to the bottom 1/3rd or so of its comparable “market-top range).

Remember, QQQ & /NQ already effectively hit & reversed off the top of their MT ranges when they peaked in July & the top of those ranges were stated as my “preferred” topping points, as that would best align the Fibonacci retracement levels with my long-term swing/trend price targets.

As such, I was (and still am) open to this post-FOMC/50bp cut-induced rally taking SPY & QQQ to those levels although (and very important), we already hit & are still current in (or actually backtesting from below on QQQ) those market-top ranges so I wouldn’t be surprised in the least & am very much open to the post-FOMC rally suddenly reversing & failing at any time starting today and/or over the next week or so.

Just saw this request on the $VIX after posting it in this comment thread: https://rightsideofthechart.com/ups-first-price-target-hit-9-19-24/#comment-33696

I am one of those traders that does like K-1’s
In the video, I believe you inferred that DBC doesn’t issue a K-1…
I may be wrong, but from what I read, and according to this site it does….

https://www.insidermonkey.com/blog/the-complete-list-of-commodity-etfs-that-issue-a-k-1-24492/

Some commodity ETF’s that don’t issue K-1’s are PDBC, FTGC, and COMB…and more
Here is a site that lists NO K-1 commodity ETF’s

https://www.etf.com/sections/news/k-1-taxes-hurdle-commodity-etfs

(SCROLL DOWN TO THE BOTTOM OF THE SITE TO SEE THE LIST OF ETFS)