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Happy Wednesday, everyone. This is one of those rare days than I celebrate equity futures being green. My assessment (and hope) at this point is that the futures will fight their way back to the horizontal lines I’ve drawn. I reserve the right to change these, of course, but these are my best approximations right now on the S&P 500 futures……
It’s been a long, long time since I’ve loved what the stock market was doing, but with patterns failing, trendlines cracking, and horizontals getting toasted, it’s finally fun once more. The indexes are quite similar with respect to their failures. We’ve got the NASDAQ Composite:
The horizontal I’ve drawn (and highlighted so you can see the precise figure) is important for AMD to not pierce, lest the selling accelerate (and spread to other semiconductor companies).
Gold is getting all the glory, but his little brother silver is doing great as well. Check out the basing pattern and the breakout on April 3rd. As with gold, I truly expect this to sink at some point, and if we can get anywhere near that horizontal again, it will be a fantastic buy!
The situation with the S&P 100 cash index is very similar to what I’m seeing across the board: a very convincing failed wedge pattern. Here’s hoping this sucker brings us the first meaningful sell-off in six months!
