ARETE TUESDAY NEWSLETTER
We keep testing and not breaking
We keep testing and not breaking the key levels on any of the indexes. As we look at the Index charts tonight, take note. We are not breaking support or resistance levels. We are simply drifting. Think of the market as an ocean and right now we are simply on a sailboat without any wind. What does this mean? It means nothing has been resolved. It means we are not sure if the selling is over. It means we need to look for signs of what is next. There are plenty of signs.
To start with the ten-year treasury is at 1.72% and we are not making new lows on the Nasdaq. This is a clear indication that yield is no longer a short-term major factor in regard to the tech-laden index. Note the $SOXX we have been testing the lower end of the trend line and not breaking. While the sector index is treading water. It is no longer in a downward trend. The leading stocks such as $FB and $GOOG are actually basing and looking to make new highs. The one benefit we have this week is more clarity on where some of the selling has come from. With Bill Hwang's fund being unraveled and the brokerages calculating their losses, we at least understand where some of the selling pressure was coming from. Looks like those stocks are starting to find a bottom. $BIDU $VIAC $DISCA $TME look most appealing of those names.
The $QQQ has held the $312.76 level once again today and continues to churn. A break of this level leads to testing $309. I do believe we have seen the bottom as I stated a couple of weeks ago. We need to consolidate and move higher. This will take time. The $SPY acts incredibly well and the best of all the indexes. $394.17 keeps flipping as support and resistance so the level is becoming less useful. I expect us to base for some time. The $IWM closed right at $218.08 10 cents away from our resistance level and right on the lower trend line top which is also resistance. A flip-up through both those key levels and we could see an acceleration.
Let’s look at our Indexes!
Let’s look at our stocks!
THIS IS WORTH REVIEWING IF YOU HAVE NOT. ESP WITH THE STOCK ACTION TODAY đŸ‘‡đŸ‘‡đŸ‘‡đŸ‘‡
Subscribe to YouTube! đŸ‘ˆSubscribe and turn on notifications. Below is a link for the top ten stocks to watch next as well as coverage of the stock market implosion of $DISCA $VIAC $BIDU by Bill Hwang hedge fund.
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