The market witnessed a nice pullback yesterday, with QQQ pulling back 1.7 ATR to its lowest point and SPY 2 ATR. Quite a few of the leading names pulled back more aggressively and entered temporary downtrends with PLTR possibly the most bearish. There are still a few names setup today yet far less than the weeks prior, opportunity is much thinner and if the pullback and consolidation continues it’s likely less breakouts work. Again, I
Read MoreChasers really stepped things up a notch on Friday, sending multiple sectors & names into upside extension levels; following an extension to the downside just 4 weeks prior. Breadth has improved dramatically with numerous names putting in 30%+ moves in November. Whether we like it or not, things are a little frothy and just like everybody was bearish at lows, many are now calling for further enormous moves to the upside after SPYs 12% move
Read MoreGauges are suggesting a pullback is imminent with low breadth, breakdowns on the 65 minute 17 ema and the majority of breakouts getting sold into. Oil & Gas still looks like it wants to pivot and commodities remain strong. Don’t get me wrong, overall sentiment is bullish. We just need to see some healthy pullbacks & rotation/increased participation. $XLE – Looks great for a pivot with multiple names in the sector gearing up a notch.
Read MoreTech stocks look extended as GOLD attempts to break a huge monthly range & XLE attempts a daily pivot into an uptrend. Meanwhile, SQQQ is set up for a 65 minute pivot. All of which would instigate a pullback is the most likely outcome. With that said a few nice setups are out there. Gold Futures, XAU/USD is a monster weekly and monthly setup. We’ve seen this before and it’s failed multiple times. Yet a
Read MoreSome nice setups forming but most still require a couple of days. The market is closed Thursday and half day Friday, which will likely be low volume and therefore not idea for trading. Oh, and FOMC minutes tomorrow. $ABNB – $ACHR – $ALIT – $BABA – Pivot… $DDOG – $DOCU – $HSY – $MSTR –
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