12/6/21

STOCKS – GE, NFLX, UBER

MACRO – SPY, QQQ,

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• RTM: Stocks Rally, As Fed Fund Futures Price First Hike In May
• RTM: Global Market Deleveraging Event Is On The Horizon As Market Prepares For Faster Fed Taper
• RTM- Market Has Woken Up To The Reality
• RTM- Snapback From Oversold
• RTM: The Fed Is Tapering Into Slowing Growth Narrative Has Arrived
• RTM- Taper Still On And Is Not Going To Sit Well With Stocks
• RTM- Replay Of Live Session

TODAY, the S&P 500 jumped by about 1.2%, following a sharp move lower in the VIX. It was the usual implied volatility dump and equity market pump. Nothing special. Maybe a portion of it was some relief that perhaps the new covid variant might turn out to be less severe, but I still contend that declines of last week had little if anything to do with covid, to begin with.

The S&P 500 topped out today around 4610, which also happened to be the highs from Friday before the big dump lower. At this point, there is not enough here to change any viewpoints. There was nothing special about today, and it was pretty dull. I still see 4360 coming.

NASDAQ (QQQ)

The NASDAQ futures are trading in a strong channel right now and moved higher today to resistance at 15,900 and stopped.  We should see a reversal lower down to 15,530 again over the next two.

AUDJPY

The AUDJPY FX cross looks like it may be ready to take another tumble, with a move down to 77.95 or so. It has been a good leading indicator of where the S&P 500 goes and is a good way to gauge the overall risk appetite in the market.

Netflix (NFLX)

Netflix is fighting for its survival right now, as the stock sits on a significant uptrend. However, the RSI uptrend is broken, which suggests the uptrend in the price should also break.

Uber (UBER)

Uber snapped higher today, and it has some tough resistance at $38.85 that needs to be cleared; after that, it has a shot at $43.

GE (GE)

GE fell through support the other day at $95.75, and today it climbed back to that price, but failed to push through, which seems to be a common trend across the market today.

Have a good one.

Mike