Welcome to a shortened trading week, everyone (thanks to everyone’s favorite and most-anticipated market holiday). Thanks to the peace deal with Iran, markets are flying to record highs all over the place, with, of course, a strong exception when it comes to the fear index:
Equity futures are generally up about 1.5 to 2%, yet I’m still keep a close eye on what I perceive is simply a massive retracement to an important top. Here is the /ES:
And here’s the tech-heavy /NQ:
Speaking of tech, one-day-old SpaceX has been teasing its own lifetime highs, and is trading at around 170, up from its offering price of 135 on Friday morning.
As I see it, the tops need to be respect so long as they are intact. This longer view of the /ES hopefully shows what I’m talking about.
The opening bell is going to be ugly for any surviving bears out there, but I’ve cleared out all my stops and will be resetting them (and, where necessary, closing positions) once I give the market a few minutes for the dust to clear.
