BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0707.ET
World and US Markets/Futures are Down somewhat .. about 0.6%.
QQQQ/SPY are currently Trading at 42.05 / 105.20
QQQQ Resistance is at 42.50, then 42.6x, then 43.0x – 43.20
QQQQ Support is at 41.90 – 42.0x, then 41.40 – 41.60, then 40.80 – 41.00
There are Big Economic Events out this morning starting early and continuing all morning . . so watch out!
Stocks are forming patterns that warn the Bear Market that started 2 years ago is about to unveil its next destructive move down . . . so, I am still looking to Short QQQQ Rallies as opposed to Buying Dips .. especially for any Holding of longer than a few hours . . . I see a major Drop coming soon … sometime within the month of October. … Use last night’s Chart-3 for break-out guidance.
Yesterday’s Market Action:
Stocks ended mixed Wednesday, after a roller coaster day. The Industrials fell 133 points early, then recovered all the losses mid-day, before closing down 29.92 points. The day’s price action formed a classic Hammer Candlestick pattern, which looks like a cross or “t.”
The NASDAQ 100 rose 1.32 points Wednesday, closing at 1,718.99. The Russell 2000 fell 6.17 points Wednesday, closing at 604.28. The HUI Amex Gold Bugs Index rose 7.95 points Wednesday, closing at 418.65. October Gold rose back above 1,000, to 1,006.8. Silver rose to 16.65, while December Oil rose to 70.43. The Dollar fell 0.40 to 76.72. Bonds fell 8 ticks to 121^12. The VIX rose 0.42 to 25.61.
AMC Commentary
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