Good morning, everyone, and welcome to a new trading week. I’ve got to say, it’s kind of amusing to me in recent weeks to be reading (especially from ZH) the increasing chorus of whines about the market: “When is this going to change? Why does it keep doing this? It needs to turn! What’s going on?” This is EXACTLY what we poor bears sounded like for years. It’s refreshing for the shoe to be on the other foot. If you squint your eyes just right, you can make out a trend.
The above chart is for the /RTY futures. Below is the /ES, which has stayed persistently below its major ES Fibonacci. Just to be crystal clear, I quiver in fear every morning that THIS WILL BE THE DAY (because there WILL be a “a day”) that an explosive move higher happens. I’ve been watching over my shoulder for that ever since, oh, the first day the downtrend started.
All the equity futures are green as I am typing this, clearly in reaction to the pointless sell-off on Friday about World War III started. The NQ futures remain in a state of “drift”.
The two MONSTER events this week are as plain as day:
- The Fed on Wednesday;
- Apple on Thursday afternoon, which will pretty much wrap the entire earnings season.
There are very few guarantees in life, but here is one: this is going to be a bumpy week.
