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Broad Markets Technical Update
Here are some follow ups on the technical side to what we have been looking at.
On the bond side, I think we traded this one pretty well: noting that we should have had a possible bounce last week on the hourly 13 combo which was into daily TDST support and now we have a 13 sequential and 9 buy setup on the hourly, indicating a possible higher low.
On the daily chart, the downtrend does appear to be pretty strong. We also have a Range Expansion Index sell signal pending today’s close, which would indicate a decline further.
I would also be looking at something like energy markets to understand if the bonds are going to hold or no. We got bullish energy last week and we had some clean exhaustion upside signals, but this are now hourly 9 buy setups off TDST and daily CAMO buy signals, indicating that the upward breakout should continue. There is no way that bonds are going to hold up if this breakout in energy is legit.
How I’m playing it is staying long both, and quickly cutting out which one will not work out here. Very simple.
On the tech side, QQQ has completed a weekly combo 13.
The last time we had a combo 13 on the weekly, that was the top in 2021. This coupled with the daily 13 sequential from Friday on SPY means one thing: don’t get in over your head on the equity side right now.
Will be doing a follow up post with independent equity opportunities at close.
Best of luck,