The spike in commodity prices heled tattoo the bond market. The bond market hates inflation. When bonds dive it usually hits the interest rate sensitive regional bank index. The bear flag that developed in the KRE on an hourly chart last night made me more confident to stay short overnight. I am now looking to cover KRE under the 48 level.
SPY & QQQ saw negative reversal today despite the strength in semis. Major resistance is in play. IWM failed breakout on watch?
Discussing the latest price action in many of the mega cap names. #tsla #NFLX #DXY #QQQ #SPY
Quick take on the SPX moves this week and the regional bank index - KRE Have a great weekend!
- KRE and XLF still in a bear flag territory, Both are closing in on their tightening range and will break very soon either tomorrow or Wednesday. we will get a lot of volume and volatility once this breaks. - QQQ & SPY have a Triple top resistance, if XLF break bull SPY will very likely break that resistance, so will watching all 4 closely. - FOMC Wednesday...