Arete Tuesday Newsletter
We are Looking Great 🦁👑
We are Looking Great! The Nasdaq continues to make new highs and we have not seen really any major selling since the rally began last Thursday. THE $QQQ look like they are heading to the $343 level. This is right under the lower trend line of the upper channel. usually, we encounter some resistance in this area. This would mean another 5-7% rally in the Nasdaq before any serious resistance. The $SOXX has been leading the index and has rested right on support. I mentioned this on Monday on Twitter. It’s simply waiting and taking a breather. This is where we sell into the strength of the sector and wait for consolidation before adding.
The $SPY continues to grind higher. $398.47 is minor support but $400 is now a mental number as well. Breaking that would be the same as breaking a minor resistance. It is simply in grind mode. The $IWM still looks toppy and rounding. I would like to see more volume and action. With the economy opening up more and more each day this should be acting better. Note the negative divergence on the RSI. $218.18 is still support and we are above it. Simply watch for signs of rolling. Finally, the 10-year treasury appears to have topped as we discussed on Sunday closing at $1.65% Let’s get to it!
Let’s look at our indexes!
Let’s look at our stocks!
Subscribe to YouTube! 👈Subscribe and turn on notifications. “Trade Like a Pro” series, I added an RSI indicator instruction video. Also, We are doing end-of-day reviews now and putting the lessons and actions into the videos.
As always all investment decisions need to be made by the individual. We all have different risk profiles.No two people trade the same. Understand the buy points, stop losses, trims are suggestions. For example on stops. I want to see it close there at the end of the day.
You need to develop your own process. I am willing to help and offer feedback.
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