Now dreaming about the future can be a lot of fun (of course your mileage may vary) but until we actually get there there’s quite a bit of work left to be done. After all those fancy hover cars and food replicators won’t pay for themselves. Or perhaps – will they?
If the bulls want to breach the current ceiling then someone better call Mackelmore & Lewis, because as of now she ain’t budging. After a pretty annoying and range bound session yesterday we remain pinned below 1940 which is an intermediate hurdle before we reach real resistance below approximately 1980.
We’ve got a nice selection of setups this morning but let’s catch up with equities first. There was follow through overnight but as emotions are running high and bear avatars are in short supply we’re now descending lower once more. Very productive actually as we just may be building an intermediate base here.
The short term panel is now suggesting resistance near ES 1890 which just so happens to line up perfectly with a brand spanking new NLBL on the daily. So if we drop a bit lower today and the Zero is favoring a drive higher then that would be my target range. However if we run today then 1890ish is where I would start looking for a possible [...]
It’s been a while since we’ve covered equities exclusively and as the month is coming to an end this is as good an opportunity to catch up. As you all know I have been dangling the ‘late stage bull market’ carrot for a few weeks now and quite frankly I don’t see any reason to change that outlook. I have been very adamant about expecting a final exhaustion spike higher and believe that is already in the works. Now before you start piling into puts be aware that we may be weeks, perhaps even months away from a downside event. So hold your horses and for now just enjoy the charts in preparation for where we heading most likely later this year. Enough weasel [...]