16d ago in 馃挰 General
Market Overview 11/11-11/15
The Markets:
- SPY continue to get all time highs and continue the uptrend. The gap up after the election was a pretty strong move. Remember, the amount of time it takes for a gap to fill (or not) will give you a good indication of how strong the market it is. If this gap doesn't start to close by end of day Monday, I like the chances of continued upward momentum. Hard not to be bullish when you look at the chart.
- QQQ finally hit the new all time high I was saying it wanted sooner rather than later. Chart looks like a similar story to SPY at the moment with a couple of gaps. Watch how price reacts to them over the next couple of days for a hint on how strong this move really is.
Economic Data:
- Bond markets are closed for Veteran's Day on Monday. Keep an eye on volume as you trade this holiday.
- Lots of Fed Speakers this week so if you notice some random mid-day volatility that would most likely be the explanation.
- Tuesday- Fed's Waller at 10am EST, Barkin at 10:15am
- Wednesday - CPI in the premarket could provide some important price levels for the day to watch for potential support/resistance or trend days to set up. Fed's Williams at 9:30am, Logan at 9:45am, Musalem at 1pm, Schmid at 1:30pm.
- Thursday - Jobs data and PPI in the premarket will provide the levels of the day to watch. Fed's Powell speaking an hour before close. I'll most likely try to be out of the market by then.
- Friday - Fed's Williams at 1:15pm.
Earnings Reactions to Watch:
- Tuesday - PLUG, HTZ, MARA, RKT, RKLB
- Wednesday - NU
Sectors of Note:
- XBI (Biotechs) on day 6 above the 5 SMA. A close above tomorrow makes day 7.
- XLY (Consumer Discretionary Sector) on day 6 above the 5 SMA. A close above tomorrow makes day 7.
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Market Overview 11/11-11/15
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