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With Powell’s wildly successful 60 Minutes interview creating new records in the market (including the highest TICK value ever), there is a stampede toward anything resembling a Buy button. As the only person left on the planet who isn’t buying stocks, I would at least humbly like to point out what I consider to be two crucial price gaps. The first is 228.80 on the NASDAQ 100 ETF:
Although at the immediate moment, gold is taking a bit of a drubbing….
…..for the past five years, gold has, by and large, been working its way higher. Given this, I wanted to make a point about chart space.
(more…)The upswing in equities was relentless ever since the opening bell on Sunday. Here is the /RTY during that time:
The following daily, weekly and monthly charts of the four U.S. E-mini Futures Indices show that they are at the emerging edge of chaos [which is defined by three future-offset moving averages (green 5MA, -3), (red 8MA, -5), and (blue 13MA, -8)].
In all of these three timeframes, the NQ is the strongest and is the most favoured to continue its rally, while the ES is next, followed by the YM and RTY.
In the short term, watch for all three of the moving averages to curl upwards on the daily timeframe (with the green above the red above the blue), and for price to break and hold above all of them, to confirm that a sustainable rally is supported.
(more…)Ah the old trading adage “Sell in May and go away.”
Summertime slowdown.
Lower trading volumes and volatility.
The beach and barbecues are calling!
Poppycock!
Even before the age of COVID-19, this phrase did not statistically hold water when one very important event took place later that calendar year:
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