Charts on Charts
Just a heads up to all, I will be out of the office this week for a long overdue vacation. We try to push updates 3-4 times per day but we will be light footed with one or two per day as my time permits. Lets get right into it!
CCJ coming back into an interesting spot with all of the commodity products. We remain fundamentally bullish on the nuclear sector due to renewable tailwinds going forward. Spot uranium prices still remain firm.
The DeMARK setup on CCJ is quite clean..
In a much more wider sense, we are just outright bullish the market here. Too many bears and DeMARK downside sequences have completed. QQQ 13 sequential along with nearly every single FANG showing some type of exhaustion in the medium term. We are looking at all to every dip in the medium term as buyable for a quick 3-5% higher here across the entire market.
Below is our general Nasdaq game plan. We see the next spot to be tested is the 50 day moving average back near 13700, almost 1000+ points higher. we are outright bullish until the retest of the 50 day moving average or short-term exhaustion targets trigger on QQQ or Nasdaq futures (we still have more upside to go)
And it is not just the broad market, many of these meme stocks are also at key levels. Look at how well PENN has honored technical zones. This doesn't look like.a sell until 39, which is almost 25% higher where prior support and the 50 day moving average is.
SPX Filled Gap and traded back above...
417 SPY upside target in short term
Talked about the XME basket last week...
Best of luck!