Natural Gas has been in a 4 week donwtrend, Price action jsut seems to be bleeding lower. As we approach the Daily 200 MA, loof for sings of accuulation.
Are we seeing a divergence in the market? Interest rates & yields have cooled off significantly in recent trading sessions thus providing the perfect tailwinds for tch to continue higher. Todays price action saw Tech make a new nominal high as yields were falling but ended up reversing lower. The fact that tech appears to be selling off under falling yields...
NVDA just put in a weekly bearish engulfing candle! This is the first sing of a leading Mega Cap potentially seeing some distribution. If this bell weather names keeps falling its going to turn the sentiment in the semiconductors slightly more bearish and will weigh in on the QQQ.
QQQ saw downside today. IWM strong ahead of weak dollar. Yields on watch for wedge breakout Bitcoin potential Failed Breakout!
The major indices have outperformed over the last couple weeks. Shorts and put skews are at all time lows. No downside protection is being bought at this time. Are stocks going to the moon again?
Nvidia made a new all time high today. We will see if it can continue beating its revenue 20% Quarter over quarter. Resistance & Support is clear.
S&P500 (-0.1%), QQQ (- 0.31%), IWM (+ 0.04%) Tech was weak today and a bearish gap has opened on Microsoft & Apple CPI 3.3% YOY forecast.
Some high risk high reward stocks in watching. Small caps could get squeezy in the near term.
Markets have had an extraordinary move to the upside with 8 days of consecutive gains and 9 days in the QQQ. Semiconductors often lead the market and have now hit major resistance. Microsoft has almost completed its bullish move.
Bitcoin hitting massive resistance on the Daily & weekly time frame. Alt coins have had a beautiful move to the high side and some may continue to run a bit higher.
The energy market may see some headwinds in the next 1-2 weeks. Natural Gas storage update on Thursday. Oil has triggered a head & shoulder pattern
The SPY, QQQ , IWM all hitting resistance. Gold looking a bit vulnerable for a small pullback. Bitcoin looking extended & first negatives divergence.
The market almost closed positives today in the back of tech stocks rallying. A massive gap down was bought up off the lows today. Banks continuing's to sell off despite yields and the dollar cooling off today.
Tesla has had a massive selloff into support. A potential large bullish pattern is developing on the weekly chart! if this plays out we could see new all time highs in Tesla in the next 1-2 years.
MSFT should lift this market higher if it holds above the breakout trendline. We could see a big rally in to tech earnings if economics data comes in positive.
Often MSFT can lead the market. If this stock is breaking out of a daily range it will likely help propel the indices and cloud stocks higher. With the second largest company in the world showing technical strength, one has to sway slightly more bullish. if this breakout fails than one can lean more bearish. As of now this is a bullish move for MSFT
Baxter has been obliterated on the back of Ozempic. This stocks is hitting multidecade support, in a very oversold condition on the larger time frames. You also have a Monthly RSI divergence occurring which could help the technical bounce scenario .
An inverse Head & Shoulder pattern is developing on the small caps indices. If this plays out an epic rally in the market will ensue.