Can’t Trust That Day

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It seems that Monday has been enshrined as an “up” day by federal statute at this point. Equities gapped higher on Sunday at the open and haven’t looked back.

Looking at a longer-term intraday Russell futures chart, the next major move for the bulls would be a completion of the zone I’ve marked below. So the lines are clear: the bulls need to cross the upper line of the rectangle, whereas the bears would need to break the ascending trendline (which they got extremely close to doing on June 28th, but failed.)

As for the NASDAQ…………try to spot the trend! Ever since March 23rd, there’s hardly a single downtick.

I’m pleased to see that gold shook off its weakness, but it still hasn’t quite reached escape velocity. The recovery from yesterday is impressive, however, and the psychologically-satisfying $1800 number will hopefully soon be in our rear-view mirror.