Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
While featuring good calls that I have failed to personally take advantage of (can't buy everything and my focus has been on Biotech and Specialty Pharma for available risk funds),…
S&P 500 unsurprisingly did not follow through on yesterday's China hype-fueled rally. Lateral support is shown along with two targets if support breaks. The targets are plotted by 3 charts…
Well, I just wrote 42 pages. I'm spent, so no big promo. I am personally enjoying the market for what it gives and having a good year so far. In…
An important new theme is introduced with respect to the Fed and its unruly subject, Uncle Buck. Lot's of other good stuff too. Subscribe to NFTRH Premium for your 25-35…
US Stock Market
S&P 500 is +5% today in pre-market and I have not covered my short position on SPY, although for NFTRH+ purposes, the preliminary bearish trading target was 206 (SPY closed yesterday at 204.98). So that trade is complete.
I expect SPX to eventually move down to the support zone at 2000 +/-, where the decision would then be made as to whether or not we are going to test lower levels. So interim bounces could be additional shorting opportunities, as was Monday’s little joy fest.
Just moving along in 'swing' mode, doing what the markets tell us to do and not trying to force anything. Simple, but it works.
US Stock Market
Nasdaq hit 5000, market sentiment became over bullish to an extreme and yesterday was a down day. Indexes put a tail on their candles and closed above the low of the previous day. SPX was the worst potential offender of the major indexes yesterday. Had it closed below Monday’s low we’d have noted that as short-term bearish.
332 is a good one. They all have been lately in my opinion. I know that because each week doing the work in these reports (and in-week updates) helps orient…
On Feb. 12 we NFTRH+'d Germany (and Europe in general) and assigned a target to EWG using a daily chart. Here is EWG weekly, trying to get through resistance after…
Usually on Wednesday mornings we do a standard ETF update. But given the interesting things happening across several markets, this morning I thought I’d do a freer flowing update.
A snapshot of current daily technicals…
Precious Metals
GLD broke back above the first key support level. 120-122 will be a big test. A rise above 120 would put in a short-term higher high to go with the recent higher low. 114 is where key support begins.
A snapshot of the current daily technicals…
A lot has changed since last week’s ETF update. One notable exception is the first item…
Actually it was out much earlier but I had to get it in the can and run this morning. So now I am back and here to tell you that…