Trading the Charts for Monday, June 5th
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Good morning and Happy Wednesday,
We get a few more earnings reports this week, I’ll be watching GTLB, CXM, HCP, SMAR, DOCU, PL and NIO.
Futures down slightly but they’re coming off an incredible day on Friday when the Russell was up 3.5% showing tremendous relative strength to S&P or Nasdaq…
Yields up again, not surprising after that hot jobs report…
FWIW, the probability of no rate hike at the June FOMC meeting is still hovering around 76% — it was down to 25% last week until some of the FOMC officials were giving speeches and talked about the likelihood of a pause.
Big move for SPX on Friday, I have no idea if we continue higher and test 4300/4324 or pullback and retest some of the support levels from the past couple weeks.
RSP coming off a monster day but rejected at the 200d ema, if you’re looking for a hedge (which I am), it’s possible that I’d short RSP if it can’t push through today but cover that short once it does.
QQQ continues to be the leader, now approaching that unfilled back from last year up to $360, I’d love to see QQQ take a little breather with some money flowing out of megacap tech into the other 99% of stocks — we need better breathe to keep this rally going.
QQQE looking good, I love that pullback on Friday morning then bouncing off the August 2022 highs and closing at a new 52 week high
IWM finally getting it’s sh*t together :) coming off a monster day, up a whopping 3.6% on Friday. I’d love to see small/mid caps go on a 2-3 week rally because it’s been the megacaps getting all the glory this year. FWIW, I covered my IWM short on Friday when it pushed through the 200d ema. I’ll put that short back on (as a hedge) if IWM closes below the 200d ema.
IWO pushing through 232 on Friday which is notable, looking better than IWM which just means that growth is currently outperforming value which isn’t surprising since growth includes tech and value includes financials/energy.
ARKK getting rejected at the 200d ema on Friday so I restarted my short position, I’ll keep that short until ARKK closes above the 200d ema. I’m not betting against ARKK, I’m simply trying to hedge my investment portfolio which is up 65% YTD and I’d rather use hedges to protect against a pullback versus trimming my positions and having to pay more taxes.
IPO with a bullish breakout and gap up on Friday above the 200d ema, no position here for me but I’d consider a short (as a hedge) if it closes below the 200d ema or gets rejected at 31.29
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