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The entire market is raging higher including, sadly, the small caps. MSFT and META provided the gasoline for the fire, but I did want to point out something about both of these: they essentially opened up at their highs and have been selling off ever since. That little fact isn’t fazing the market, but just FYI, here we have Meta slipping beneath its open:
After deep and careful consideration, I have concluded that the entirety of market action over the past twenty-two hours was a Complete and Total Waste of Time. No real direction. No trend. No sense.
I’ll do a post later when I have something more helpful to say. See ya!
This market is nothing more than a mass of synapses that gets fired up by the latest tweet, rumor, or back-pedal. This morning, the bulls were in “all systems GO” mode with the breakout (green rectangle), which was immediately followed by a multi-hour face-slap (red arrow), allowing bears to short like crazy just in time to get their own losses from a bounce based on No Particular Reason ™. Enjoy the madhouse, folks! Stops are your friend!
Yesterday, Wednesday, I had an absolute blast trading. Today? Not so much. It seems there’s a lot more strength to this “trade war is over, so let’s all buy stocks” zeitgeist than I anticipated. I’d like to highlight some important Fibonacci levels with respect to the major equity index futures.
For the /ES, it’s at 5650, although there is a lower level, marked with an arrow, which I also regard as important. This represents the base of all the overhead supply, and if the market gods wouldn’t mind too terribly, it would be helpful if we didn’t even bother tagging the Fibonacci again. If we cross above the blue, however, the circle red number is the next meaningful resistance.
