Nice rejection of 20 SMA & also nice to see Oscar Carboni join me in my projection. Love or hate him, he's great at price action analysis.
Some observations that have held true almost every Monday in 2021. Futures are up after markets dropped moderately on Friday. Commodities in particular very solid. Gold/Silver are up, it must be Monday. What I'd note is shorting indexes into Friday is probably not a bad play, but holding into Monday is likely a bad play. Take it for what it is; no guarantee it keeps happening but here we are again on Monday and it happened again.
I haven't even looked at US indexes except as a rough guide post since October. Commodities seem super strong in nature today. Gold/Silver the question is fake out or real at these levels. Copper, Oil, and Nat Gas sure look like real strength. Related stocks on TSX lag the moves so a lot of money can be made if you get in. Gold stocks are still reflecting $1400-$1600 Gold prices like they aren't buying $1800 Gold. If Silver takes off from here Gold will follow. No way to know for sure but a ton of torque in the stocks if it does.
Not sure what commodities have to do with my call in the tech equities index, but since we are on the subject, I think commodities are in a bull run due to weak dollar and possibility of a prolonged inflation. This call is purely based on TA.
The point is calling tech direction right now seems subject to too much uncertainty and there are better areas to trade imo. Late last year, I recommended that Ken hedge his broader market shorts by going long the energy sector. I come at this from a fundamentals point of view with some reference to longer term technicals.
%% TQQQ does look like a temp top since APR, sqqq looking better for now; some cash tech ETFs are going up........................................