Going into the end of the month / start of a new month / holiday weekend – the historical bias is to buy stuff. So the equity markets moved to the upper end of their recent range. Can it break out to the upside? Its possible given China’s comments about not adding new tariffs….
Just your normal news driven market….
Commentary
- GC: 2 days down in a strong uptrend. A bit over-bought but should be good for at least a buy scalp.
- SI: A topping candle-stick spinner makes me cautious in this momentum driven market.
- HG: Bearflag, 5 SMA Sale.
- ZB: Sideways line
- ZC: Sideways line / negative consolidation.
- C: 4 days up in a down-trend but inside triangle. Need to break the two day low to trigger a short I think.
- NG: Minor upside breakout.
- ES: At or close to resistance. Any push up should be a short with stop at 2945 (basis Sept ES).
- NQ/YM/NK/FDAX – similar formation to ES.
- EC: Testing July pivot low.
- JY: Inverse to ES – at support.
- FGBL: Sideways line.
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