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Over the past week, the balance of power tilted ever-so-slightly toward the bears. Broadly speaking, the market has been range-bound for nearly half a year, and the levels of support and resistance have been clearly defined. The longer this takes, the more explosive the breakout or breakdown will be.
The NASDAQ Composite shows this range quite plainly in the tinted zone.
Sometimes I feel as though I write the same public article over and over. But that is because the changes since 2020, and especially 2022, have been profound from a standpoint of market management. In NFTRH we define and employ that management.
In line with our long-standing view that the now inflationary macro would undergo its first countertrend, an interim disinflationary trend, Treasury bonds from the shortest durations on up to the longer durations are on plan.
(more…)It’s been an insane week, and it’s not even over. One hundred hours ago, I had just emerged from a hellacious technical nightmare and, exhausted as I was, needed to face a dynamic trading week. Monday was, of course, fantastic, although the days that followed were a lot bumpier.
This morning appears quite promising, as all equity futures are ready and the latest inflation data is NOT what the bulls want to see. Month over month PPI is, for the second month, WAY over expectations:
Let’s take a look at seven key indexes before the week closes, shall we?
The NASDAQ Composite continues its multi-month grind to nowhere. Until it breaks out of this range, the grinding will continue. The longer it goes, the more dramatic the breakout or breakdown will be.
Since NVDA didn’t provide the kind of gasoline the bulls were praying for, markets slumped across the board on Thursday. The /NQ sank, and even with DELL up huge after hours, it continues to bleed.
