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You thought I was done with the Amigos shtick, did you? Not by a long shot ma’am. They are the happy-go-lucky riders in play as the stock bull market churns on. They are the rising SPX/Gold ratio and stocks in general vs. gold (Amigo #1), rising US 10yr & 30yr yields (Amigo #2) and the flattening 10-2 yield curve (Amigo #3). On their current trends these goofy riders have signaled “a-okay!” to casino patrons playing the stock market and other risk ‘on’ items.
Taking our macro indicators out of order, let’s start with Amigo #2, who we have been noting to be bracing for something…
Stan and I are doing our monthly free public Chart Chat on Sunday covering the usual 40 or so instruments over most major markets. If you’d like to attend you can register for that on our March Free Webinars page.
ES gapped up over resistance on the NFP numbers this morning, and we are running the second option that I was looking at on the intraday video yesterday. ES is likely to hit the rising channel resistance I was looking at yesterday and that is now in the 2785 area. Ideally that gets hit today. Intraday Video from theartofchart.net – Update on ES, NQ and TF: