Today is looking like another Monday Morning Shakeout; even though it's Tuesday; it's the first trading day of the week; thanks to MLK jr Day.
Seems like the selling is somehow tied to the bond market? Not sure, but the UK gapped down this morning.
FCA clamps down on temporary licences used to trade with UK ft.com
Energy continues to run
$BRENT crude looks like it wants to test the top of the range, so I'm expecting a little breakout above the 86.75 level. In fact I spotted this target months ago!
$XOP Energy May retest this pattern, yet wave E's have been known to fall short of the final target.
$SPX Energy $GJX - trading at a lower high, at max bullish sentiment. This is a little scary... coming off what had been nearly a 600% rally off the 2020 low. I like it closer to 100, and I'm not willing to chase $1 daily moves in crude oil.
TECH
We continue to see tech being sold, but the NASDAQ is testing the 200 day ma, for the first time in almost 2 years, and that's supper-bullish.
$COMPQ NASDAQ - being bought at the 200 day ma
Hang Seng Hong Kong China - did you hear any of the fake financial news outlets report that the Hang Seng was (bullish) backtesting the 200 month moving average, and being bought.... just as it has been... over the past 10 years? No! Why? Because they prefer to keep the average investor confused, and in the dark, obviously. Don't ever trust the corporate owned medial; most of what is reported is propaganda.
Financials - JP Morgan reported on Friday, and the chart is working perfectly, so...
$JPM - bullish pullback on a Federal Reserve Member Bank aka Chase
So, I don't have much choice to be bullish on just about everything, except energy here.
Have a great week, AA
No comments:
Post a Comment