FA -Unemployment weekly claims will be released tomorrow at 8:30 AM. Expecting to be around 3 million. -Policymakers (FED) are likely to take action to counter bad data and keep the market afloat. -US debt is now more than $25 trillion dollars, increased 1 trillion dollars within a month. US total debt is above 27 trillion dollars. usdebtclock.org/ - More bad economic data will be released. Please check the previous data. tradingeconomics.com/calendar -Transportation, Finance, semiconductor, REIT sector were getting crushed this morning (Check out Webull general data). -Covid-19 cases/death are increasing (Remove Newyork state, California, Washington from data to see the uptrend). worldometers.info/coronavirus/country/us/ -Technology stocks helped the stock market this morning. More and more people are buying tech -stocks. This is dangerous as the P/E ratio is off the chart.
TA SPX closed above the daily moving average. Still bullish. RSI and Squeeze are still neutral. DJT (transportation), XLF (finance- banking) closed below the moving average: very bearish. Target for SPX tomorrow: 2870 mid-day, 2800 closing.
Primed for a 2940'ish re-test 61.8 Fib retracement at 2940-2945. XLY hasn't invalited it's uptrend. it made a exact double top at 23.38 on 4/9 and 4/29 and hasn't broken those respective lows 21.29/ 21.32 either (so higher or equal highs and higher lows is still in place in XLF for now. If we go below 21.32 prior to going above 23.38 then that's over.
Also watching Copper prices which are currently in uptrend as well as bitcoinusd as they have been moving with SP500 lockstep. Both moving higher tonite. IF oil spikes tomorrow which i believe Brent should..and make a high around 33 or so then this will add NEW fuel to the bounce and get us to that re-test of the 61.8 retrace
Besides the Tech stocks ...E commerce is a bubble. SO many plays there . Would love to see the SP drop to coincide with big money making put opportunities. So many things to watch manana to see when this rally runs out of steam. You want to see some nice fat downward candles to confirm a reverse in this rally ...may happen in early morning. May wait till next week If oil pops around open then that could fuel this really going higher into mid pm.
Good luck
LagunitaLLC
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@cpickettcbmoty, same here. I have been waiting for confirmation from the market. Most of the rally this week happened in the FUT market (-PPT doings). Ready for big play.
Pollard
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Great work.Thank you for Sharing This wonderful information. It really helps me as a beginner.keep going..stay awesome.
Ringding58
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The movement came but a bit delayed. Thanks for sharing.
SirButtersworth18
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Can somebody please explain to me how the historical chart above proves that there's going to be a big movement coming soon???
theAlgorhythm
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Futures show that we are going to gap tomorrow above 2900, are going to ATH tomorrow? Bull tramp?
LagunitaLLC
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@theAlgorhythm, PPT is doing their job. Rigging this market.
SunnyG18
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How do you interpret the daily gap upwards followed by a slow tapering off throughout the day. Are pre-market price gapping up in anticipation of liquidity pumping or are we seeing optimism surrounding reopening? I suppose they’re not mutually exclusive.
LagunitaLLC
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@SunnyG18, PPT pumps money during futures, sell during final hours.
Also watching Copper prices which are currently in uptrend as well as bitcoinusd as they have been moving with SP500 lockstep. Both moving higher tonite. IF oil spikes tomorrow which i believe Brent should..and make a high around 33 or so then this will add NEW fuel to the bounce and get us to that re-test of the 61.8 retrace
Besides the Tech stocks ...E commerce is a bubble. SO many plays there . Would love to see the SP drop to coincide with big money making put opportunities. So many things to watch manana to see when this rally runs out of steam. You want to see some nice fat downward candles to confirm a reverse in this rally ...may happen in early morning. May wait till next week If oil pops around open then that could fuel this really going higher into mid pm.
Good luck