iamiam wrote a post · Apr 6, 2023 07:20

UPDATE April 6

Another quick update.

The markets bear rally, or bull run, is coming to an end. That doesn't mean we don't get another push-up first. And the following rebound may or may not make a new high. Lots of news today, starting with jobless claims and followed up with the FED and Banks balance sheets.

$E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$

this was taken 12 hours before open, so this update will change as the chart does. Right now, I think we have or are close to reaching support.

$Invesco QQQ Trust (QQQ.US)$

I think we could get a wild ride. Jobless claims come out an hour before open. Then, 5 hours later (4 hrs after open), the FED releases its balance sheet along with the banking balance sheet 🤐🙂🙃🙂🤮. I could see the market with wild swings today or a big move in one direction. There should be low volume, so that makes it easier to move the market. There is also option expiry, so if this went one direction and then reversed and closed in the same spot, I would laugh and ride it both ways😁. The market will choose a direction when the jobless claims come out. For today, a big push could get us to 324.5. On the downside, 307 is mid bollinger and support line.

$Tesla (TSLA.US)$

I expect some kind of push-up. if the market rallies, this could reach the 190s, if not perhaps 188.5, before returning to the downtrend. If the market chooses to sell down 183 is support after that, it's 177.

I have not been happy with my posts lately. They lack me. iam writing a post that I will post this weekend. it will be long. iam going back to my roots and covering commodities and ETFs. If you have a specific commodity or ETF request, put it in the comments. any commodity ticker, I will be happy to look at it. As a rule of thumb, I don't usually do anything smaller than a dollar because I don't trust them, but I can make some exceptions as long as they don't act "meme"ish. Let's try and keep it to commodities and their companies, please (and yes, that does include miners)

Be Safe, Be Careful, Be Wise

and as always

Good Luck