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Airlines: Reacting to resistance:ALK, AAL,DAL,JBLU,SKYW Bull:LUV,UAL
Energy: RDS still drifting higher, XON on key support test after reacting to resistance, CVX coming off resistance but has a gap while one airline has a gap near Feb lows/
Thus mixed, but airline resistance helped with bullish bias last week on CL and tape was confirming bull strength.
Go Falcons
Can you help answer these questions from other members on NexusFi?
I am amazed at what has happened in the markets as of late. Dollar breakdown as gold and bonds continue to strengthen.
Also in intermarket TF and Nikkei are the weakest while NQ keeps making highs, and ES and YM are slowly chugging along.
Less past, more of the present:
Sp500: Bullish(slightly neutral)
DJI: Bull (slightly getting neutral)
NDX: Bullish
COMP: Bullish
Russell 2000: neutral (more bear)
Nikkei 225: bear/neutral (key level)
FINALLY!!!!
Yesterday we got the pullback that I was expecting on February 6th...This morning I woke up and saw that ZB was weak after failing to hold pullback level, and that gave my theory that market was ready for takeoff today...Then just few minutes after the open yen tanked and Nikkei and TF started showing strength, so gave my even more confidence in the intermarket play....Unfortunately I did short TF for a $60 loss in early morning and ended up getting chopped to living hell on my real account in TF>
Sp500: Bullish
DJI: Bull
NDX: Bullish
COMP: Bullish
Russell 2000: neutral turned to finally bullish!
Nikkei 225: bear/neutral
Intermarket reversed:
Sp500: Bullish
DJI: Bull
NDX: Bullish(blasted above target) - will wait for normal intermarket target
COMP: bullish(blasted above target) - will wait for normal intermarket target
Russel 2000: finally bullish confirmation
Nikkei 225: bear/neutral The only laggard.....
In regards to the currency market... usd/jpy got rejected at lower high area...all while gold had a huge short covering rally on a wedge type support, all while zb was at key support and has held at least for today...
So now the big question is when will the currency market follow through...For the intermarket targets to become faster paced, zb would need to sell off...however it is sitting at a very important support all while at the same time on weekly and daily support.....So will ZB hold this level, while equities blast higher?(which would mean gold continues to rally) Or will zb break, which would help with the dollar rally as well as yen weakening to help the Nikkei push out of its Lost Decades depression.
Intermarket reversed:
Sp500: Bullish
DJI: Neutral(Has hit target on intermarket and reacted today)
NDX: Bullish(blasted above target) - pulled back today
COMP: bullish(blasted above target) - pulled back today
Russel 2000: retesting but bullish
Nikkei 225: bear/neutral The only laggard.....
Due to intermarket reversed with most indexes hitting target, bonds look interesting for a possible buy
Intermarket reversed:
Sp500: Bullish
DJI: Neutral(Has hit target on intermarket and reacted today)
NDX: Neutral(
COMP: Neutral
Russel 2000: Possible bull trap
Nikkei 225: bear/neutral
Intermarket reversed is showing sell signals on almost all indicies except the ES. However the regular intermarket indexes still have buy signals on most majors....Hence I am still suspect on Russell and Nikkei and am now cautious on YM, NQ, but bullish ES. Bonds could possibly start rallying again this week as it should be following Gold into new HH.
Been having the best consistent past 3 weeks in a loong time
Not updating much here as its easier to keep track in my head when there is not much movement.
Anyways what is interesting is the change in Sp500.
NOW the key thing to watch in market is if gold continues its trend from February or reverses based on strucutre due to resistance from 2/27.
Also the key question in macro is to see if the USD/JPY remains relatively strong and breaks out of balance which will help the Nikkei break out from its depression levels.
Normal Intermarket
Sp500: Bullish
DJI: Bull
NDX: the minimum target has been reached so more cautious buying vs other indexes now.
COMP: the minimum target has been reached so more cautious buying vs other indexes now.
Russell 2000: neutral
Nikkei 225: Slightly bullish, broke congestion from December(thanks to bond weakness)
Intermarket reversed:
Sp500: Broke above target level reaction from March 1st, bullish continuation projected.
DJI: Bull
NDX: Bullish
COMP: bullish
Russel 2000: bear/neutral
Nikkei 225: bear/neutral(one last resistance area to break through then inflation nation trade especially if USD/JPY follows through..
Lot of interesting things going on in the macro universe right now....It seems as if there are 2 types of macro theory going on right now:
A. ZB breaks support, Gold follows through, USD/JPY bottoms and stars heading higher again which will help the Nikkei break resistance and blast through to attempt new highs. The inflation trade will start to be a clear sight.
B. ZB holds support, Gold holds support to at least attempt a lower high. USD/JPY breaking resistance was a bull trap, and Nikkei starts to tank(as it is testing final wall of suppliers currently)
I am more along with the A camp, but it's good to be able to reverse on a dime if other traders think otherwise.
In terms of naked charts, most indexes seemed to have bottomed from its slow pullback for the past 2 weeks. ES's short term price action seems to confirm although TF was slightly weaker.
