We are seeing the indexes showing some strength, but still not holding momentum to stay above support. In the background we are seeing the VIX continue to develop and hold structure as well as a handful of high quality setups. This week is Quad Witch Expiration, lots of moving parts; let’s review.
As the indices are overall strong but lacking traction, getting down to the sector level, we can see a little more resilience with XLC, XLE, and XLI.
I am not a bear when momentum shifts, only when the trend turns bearish. There is plenty to like as some of the market goes “on sale”. Time to go shopping…
Definitely not a dull week, with a new rally into the close; it just goes to show us once again how resilient this market is. Next week I want to buy NVDA, JMIA, GLD, and most likely FCX.
We have symmetrical support on the ES Daily and 120, but be a cautious bull as we get into resistance.
The market continued its 3rd day of the pullback this week which looked pretty ominous in the morning session but bounced nicely to close in line with the previous 2 days. Waiting for this to play out means looking at higher time frame charts to see if this is anything to be worried about.
As the market continues to pullback, we look around at higher time frames to see if there is more to worry about or if this is perfectly normal price action. Big Cap Tech seems to be going sideways and so do precious metals, so when will they fire up again? I also show a few tickers out there that have no idea the market is pulling back, which may indicate that strength isn’t completely absent.
