We are just beginning the ‘run into earnings’ and here is one of my favorite candidates. Why? It is backed by Fibonacci analysis, thanks to Carolyn, and also has a weekly and daily squeeze. Check out the parameters here.
Today we rallied into critical resistance. While I’ve remained bearish the past few months, I think this week could be the turning point. With a little more optimism surrounding trade war resolution with China, this could be the catalyst to break resistance in this bearish trend. Check out what I’m looking for here.
Whether or not the market finds traction on the recent “dovish” Powell, progress on the Trade War front, or general optimism from the market’s current bounce, current levels in the Dow, S&P, NASDAQ, and Russell will be a test for the bulls and an opportunity for patient bears.
Where does the current risk appetite land prices, and what does this mean to the downtrend?
CMG saw a decent rally with the rest of the market on Friday, but if its previous patterns are anything like what we’re going through now, we could be getting into some important areas of resistance.
Friday’s rally was nothing to shake a stick at, but does it change the overall theme of the market? I’ve got positions on both sides. Let’s review each and look at a few fresh opportunities for next week.
Powell and a strong Non Farm Payroll kick-started another violent rally and short squeeze. Where has this strength landed in the overall scope on a downtrend and what could Monday’s open tell us?
Where did today’s Powell-triggered rally land the markets … in potential correction trades, that’s where….
