The next video will be on the market for next week
Markets gapped up through the downtrend lines in all three major indices. After that, we saw some follow-through for an hour in the SPY, DIA, and QQQ for an hour. Prices then drifted lower until shortly after noon, reaching the opening levels. From that point on, the price meandered between the open and the highs. This action left us with gap-up white candles with upper wicks. So far today, all 10 sectors are green, with Consumer Cyclical and Energy leading the way. The VXX is off 1.7% to 18.16, and T2122 is up well into the overbought territory at 93.55. (Stocks are also a tad extended above their respective T-lines.) 10-year bond yields have spiked back up to 3.375% (after being down in the 3.27% range early in the day), and Oil (WTI) is up 1.2% to $87.98/barrel. Overall, the bulls were in a good mood from the Ukraine news and a growing expectation that CPI will come in better than forecast tomorrow morning. | |
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