US Futures Drift Sideways Near ATH's
Updated
US Futures are trading sideways on Tuesday morning - we're sitting near the ATH's, and showing no signs of letting up. The bears have vanished again at the opportune time for bulls, setting us up for further upside this week off the back of nothing but relentless and persistent fiat debasement by central banks, along with the corporate buy-back ponzi. We're entering Q2 earnings season, and so we'll have ample opportunity to dissect the performance of the broader market, to better understand where the flows ended up over the past quarter, and how market breadth is shaping up at the end of this secular expansionary cycle.
As of 9AM the S&P was trading flat at 4,342.50, the Dow was down -0.6% to 34,655, the Nasdaq was up 0.20% to 14,743.50, and the Russell was up 0.16% to 2,305.70. The Dollar (DXY) slipped back to 92.30, while Gold recaptured an 1,800 handle (1,813.20), sitting up around 1.68% in pre-market trade. WTI rallied around 0.86% to 75.81, and Vix recaptured a 15 handle (15.80), after hitting a low of 14.25 on Friday.
According to ZeroHedge, we've seen 7 consecutive days of new ATH's on the S&P, and considering we're seeing data that is not conducive of maintaining loose monetary policy, the Fed is boxed into a corner. Imo this entire rally since the March 2020 lows has been a complete fraud. If you look at the "rebound" with M1 in mind, we haven't rebounded at all. What has seemingly happened is a secret and aggressive devaluation of fiat across the G20, so the working class is none the wiser. Let's see what happens next...
Our live Analysis begins at 9:30AM.
* Iam/we are currently long HUV, UVXY
As of 9AM the S&P was trading flat at 4,342.50, the Dow was down -0.6% to 34,655, the Nasdaq was up 0.20% to 14,743.50, and the Russell was up 0.16% to 2,305.70. The Dollar (DXY) slipped back to 92.30, while Gold recaptured an 1,800 handle (1,813.20), sitting up around 1.68% in pre-market trade. WTI rallied around 0.86% to 75.81, and Vix recaptured a 15 handle (15.80), after hitting a low of 14.25 on Friday.
According to ZeroHedge, we've seen 7 consecutive days of new ATH's on the S&P, and considering we're seeing data that is not conducive of maintaining loose monetary policy, the Fed is boxed into a corner. Imo this entire rally since the March 2020 lows has been a complete fraud. If you look at the "rebound" with M1 in mind, we haven't rebounded at all. What has seemingly happened is a secret and aggressive devaluation of fiat across the G20, so the working class is none the wiser. Let's see what happens next...
Our live Analysis begins at 9:30AM.
* Iam/we are currently long HUV, UVXY
Note
Vix continues to rise, and is now up over 14% on the day, and back at a 17 handle. We're looking at the weekly time frame here, of course, and focusing on the RSI and long term support levels for an indication of a reverse in the recent downtrend. Perhaps we're seeing it play out as we speak, and we're about to get that major market correction we've been waiting so patiently for. Let's see what happens next...Note
Buy the dippers stepped in for a second to bid the majors higher, however, they're being punished here at the top of the afternoon session. Vix is up around 18% at the moment, and we look like we're about to test an 18 handle... 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.