While it’s no joy to wake up to a screen packed with green, it’s at least nice we’ve got a dynamic market again. Movements of 50 to 100 points on the /ES and hundreds of points on the /NQ on a daily basis have become the norm again, instead of those pathetic days just weeks ago when +0.00 was a typical sight. This morning, the /ES has blasted more than triple digits itself in the span of hours, quickly shaking off any Microsoft blues.
Taking a few steps backward, however, it’s useful to observe that we’ve merely rushed back up to resistance. The question that will be answered before this day is over is whether that pattern holds or, once again, if it’s torn to ribbons………
…………last like time!
The key thing is that we’ve been range-bound for two very exciting weeks thus far, and while I’d vastly prefer we sink back to the depths of the range, today’s Powell monkey dance might compel it to escape.
Even more intriguing is the land of tech stocks, the /NQ, which has been undergoing a steady washout for the past couple of weeks. Short-term resistance is represented by the lower red line, whereas more substantial resistance is just above it.
