This is just a quick note with some key charts I’m watching (grabbed last night after Monday’s market close) in large part as I will be out next few days for my mom’s shoulder reconstruction surgery) before re-opening my Trading Room Friday morning for Powell’s speech at Jackson Hole.
Although I don’t trust any of these set ups, I must contend they are potentially Bullish if…
Nasdaq Coppock Curve continues to turn up. Looks the same for SPY as well. Otherwise, we are in Crazy Ivan/Chop Mode until after PMI data Thursday and Powell’s speech Friday and then whatever retaliation Trump wants to throw at Powell and China and markets post speech…
Global Equities on the other hand are not sure what to do judging from two doji candlesticks resting on the 50/100W which makes it easier to trade NEXT WEEK: above is swing long, below is swing short.
Despite ECB stating they would consider additional QE and other monetary policies that have diminishing returns, the DAX also looks happy to sit here a little longer on the 50/200W. Path of least resistance is still down, but I will consider long if this support holds.
The Nikkei isn’t even trying. It broke below the 50/100W and as the Yen is bid up as safe haven status, Japan’s stock market looks ready to roll over.
Recent Client Posts Not To Miss:
- Intermarket Chart Attack: Trading Trend Reversals
- Intermarket Chart Attack: Some Things are Really Broken
- Gold At An Inflection Point
- Intermarket Chart Attack: Something Is Broken
I have a bigger Macro Piece coming out next on How The Market Is Like Donkey Kong!
For now, I just wanted to let you know my plans to be away next two days.