First off: Can you believe how the market continues to break out to new recent highs? I can... because I saw this coming a mile away, and even predicted in this week's FREE Newsletter.
Tech stocks closed at a slightly higher high, than the August 2022 high.
— Veteran Market Timer (@3Xtraders) May 10, 2023
BOE announced a .25 rate hike this morning, and not seeing much, if any market reaction:
Breaking #BOE raises a 1/4 point (.25) - technically still at negative rates, when factoring inflation. #Nothingburger
— Veteran Market Timer (@3Xtraders) May 11, 2023
The market seems to be trading on very light volume, and that could be because the folks who normally engineer it (the rigged markets) are busy doing whatever globalists do - at the G-7.
$NDX (Nasdaq 100) Chart Reveal:
In several recent updates I've encouraged technical traders to experiment drawing different sideways patterns, and today, I'm going to reveal one of the patterns I've been watching.
$NDX - 60 min. view - Trading sideways in what looks like a broadening triangle (or megaphone) pattern.
I say, "in what looks like a broadening triangle...", because this is just one interpretation, and I have several more breakout targets, I won't be revealing this morning.
But here is a clue!
$SQQQ - Looks like the Tech Shorts are about to be trapped, below my red line.
Not sure exactly how much longer this rally can go on, but probably longer than you think.
Disney
Also watching the $97 target, on Disney, after last night's earnings announcement.
The $DIS chart was added to the Public Charts area earlier in the week.
Find a link to the public charts area in the side menu.
Take Care, AA
No comments:
Post a Comment