Oct 13 in 馃挰 General
Market Overview (Week of October 13-18)
The Markets:
- QQQ is knocking on the door of a new "higher" high in its most recent uptrend on the daily chart. Still has a bit of a ways to go for a new all time high but, notwithstanding any macro events, it looks like a new all time high is on the table sooner rather than later.
- SPY, yet again, put in a new all time high last week.
- Things are looking overall bullish and that's where I lean currently when I look at the charts
- Keep in mind, things are still heating up in the Middle East as I type this, with the US, sending more troops and supplies to Israel in anticipation of a retaliatory strike against Iran anytime. This is a rapidly changing environment so be aware of this as you trade. Trade what's in front of you, but as always, I wouldn't marry any bias at the moment.
Economic Updates:
- Tuesday - Fed's Kugler speaks at 1pm EST.
- Thursday - Jobless data in the premarket could provide some important levels for the day.
- Friday - Housing data in the premarket could provide some important levels for the day. Gov. Waller speaks at 12:10pm EST
Earnings
- Tuesday - WBA, SGH
- Thursday - INFY, NFLX
- Friday - ALLY
Sectors of Note:
- XLK - Tech Sector - is on 6 days above the 5 SMA. A close above on Monday would make day 7.
- GLD - Gold on 3 day gap fill watch
- SLV - Silver on 3 day gap fill watch
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Market Overview (Week of October 13-18)
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