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Friday mid-day Technical Video .. Links to CNBC and key points

Friday mid-day Technical Video

https://stme.in/IoclZZZ1Vi

 

 

My CNBC Interviews from yesterday

Chinese Tech stocks-  Time to buy?   BABA, BIDU, TCEHY

https://www.cnbc.com/video/2018/08/23/trading-nation-buy-chinese-tech-weakness.html

 

Retail stocks to favor-   LULU

https://www.cnbc.com/video/2018/08/23/two-surging-retail-stocks-could-fly-even-higher-on-earnings.html

 

Which of the stocks hitting new 52-week highs after being off 20% of 52-week highs is right to buy?  -  TWTR

https://www.cnbc.com/video/2018/08/23/one-fifth-sp-500-still-bear-market-these-stocks-could-rebound.html

 

 

 

Key points for today

 

  • S&P back up to above weeks highs while NASDAQ breaks out-  Channel resistance lies at 2890-5 and into early next week is an area to consider selling into-  13-18 S&P points higher- support 2868-70
  • Breakout in gold above last couple months downtrend- Closes over 1200 today should lead to 1250
  • Crude extending its own earlier week strength and move above trendline resistance- ENERGY LEADING
  • Treasury yields minor bounce failed and right back lower to 2.82%
  • Dollar selling off post Powell comments and EEM strengthening

 

 

S&P has exceeded triangle consolidation and now up to this week’s highs with NASDAQ breaking out to new high territory with energy leading the charge as Crude extends Wednesday’s breakout and now up over $69

A short positive for US Equities that should lead to further strength into early next week-  Breadth is about 2/1 positive  Under2868 again necessary to suggest a failed breakout- 

While the issues we’ve discussed over negative breadth, poor momentum, and divergences to the rest of the world continue, for now these are on the back burner as no evidence of price weakness has occurred.

Its thought that this next week brings about a test of 2890-5 in S&P which would be better area to sell into and consider shorting as September is unlikely to be positive

Emerging markets have bounced given Dollar weakness and look to extend a bit more into next week before stalling, with EEM targets at 43.75 to a max of 44.20 and would sell into strength

 

 

S&P hourly-   

image003.jpg

 

 

 

 

Here was the picture this am, before the breakout occurred.  See the break of this triangle ultimately has led to acceleration

Yesterday we saw false moves in both directions.. but yet never any real weakness under prior lows

image004 (1).gif

 

 

 

 

 

S&P-  Daily

image006 (1).jpg

 

 

 

 

Gold getting up above the  trend from the last few months.  Close today above 1200 is favorable for Gold to bounce to 1240-50

 

 

 

 

 

Link to yesterday’s Techincal Webinar-  15 min-  SPX, NDX, XLF, XLK, XLI TNX, DXY

https://stme.in/iJ5Ega26He