We’re four days into the trading week. For me, Monday was a “2”, Tuesday was a “3”, Wednesday was a “6”, and Thursday was a “7”. So……….progress. A week that started off vomit-inducing is getting better. I’d appreciate Friday being a 10, thank you very much.
The charts don’t necessarily point to that, however. The ES only needs to slip above that red line to give the already power-mad bulls another shot of elixir to create another phalanx of lifetime highs.
Even more fearful is the NASDAQ, whose NQ is shown below. AMZN and GOOGL are absolutely blowing the doors off in after-hours tonight. Interestingly, fellow tech giants MSFT and INTC are stinking up the place. As I mentioned in my tweet, it seems the newer web-based tech is practically printing money, whereas the kingpins of the 1980s and 1990s are lagging.
For me, just about the most important chart remains the USD/JPY. If the triangle pattern below does what it’s supposed to do, the dollar will tumble away, dragging equities down with it.
For myself, I am mildly-aggressively positioned on the short side, with 43 positions in all. I was crazy-short last Friday, which caused my balls to get kicked it Monday morning, so I’m still nursing my wounds.
Incidentally, I’m getting more and more inquiries about ProphetCharts lately. I’ll have some very important news on this front in the near future. Indeed, I have a lot to say. All will be revealed.