The Bottom Line:
- Indices, commodities, and crypto markets overview provided by a seasoned Trader and Technical analyst.
- Indices like ES, NASDAQ, RTY showing potential daily bull flags with key resistance levels.
- Detailed analysis on stocks including Apple, Tesla, Microsoft, AMD, Nvidia, and others.
- Crypto market insights with focus on Bitcoin, Coinbase, Mara, Riot, and more.
- Updates on commodities such as oil, dollar, GDX, and a review of SoftBank’s impact on the market.
Indices, Commodities, and Crypto Markets Overview
Market Overview Highlights
I think in the last month we had a 4% day on the Russell and the next day it was down like 2% so let’s just remember that tomorrow rotation can happen real quick in and out of the Russell.
Crypto Market Analysis
Bitcoin Bulls are looking a little tired, and the daily chart shows signs of profit taking with upper Wicks. Coinbase faced a lawsuit issue today, impacting its performance compared to other major crypto names like Mara and Riot.
Stock Analysis and Trade Updates
Intel was a successful trade opportunity today, with a Queen of the mountain trade yielding positive returns. Nvidia is testing low of day levels, potentially setting up for a beach ball scenario if there’s a gap down open tomorrow. Additionally, the Canadian cannabis names are showing remarkable strength with significant price movements.
Bull Flags Emerging on ES, NASDAQ, RTY
Technical Analysis of Bull Flags on ES, NASDAQ, RTY
On the daily chart, ES shows a potential bull flag formation, while NASDAQ has touched its Daily 12 EMA and bouncing. RTY is displaying a two-day potential bull flag setup, with current price action indicating possible bullish momentum.
Index Market Movement: Dow and VIX Insights
The Dow is experiencing a very Green Day, potentially forming a bull flag on the daily timeframe. VIX is testing support levels, showing minimal fear in the market today, with a double bottom formation indicating temporary stability.
Cryptocurrency and Stock Market Updates
Bitcoin had a significant overnight spike but retraced back, showing signs of fatigue among Bulls. Meanwhile, stock names like Coinbase faced challenges due to a lawsuit, impacting their performance compared to other crypto-related stocks like Mara and Riot.
Stock Analysis: Apple, Tesla, Microsoft, AMD, Nvidia
Stock Performance Analysis
Apple showed strength with a daily inside bar break, but faces resistance at the Daily 12 EMA. Microsoft struggled near the 420 level, with Bears dominating towards the end of the trading session. Tesla hit a midday high but lacked follow-through. Nvidia is down significantly, potentially setting up for a beach ball scenario if there’s a gap down. AMD remains weak, while SoftBank started selling AR shares. Intel provided a successful trade opportunity.
Cannabis Stocks Update
Canadian cannabis names are showing remarkable strength, with significant price movements. CGC and other Canadian names are experiencing substantial gains, with notable bullish momentum in the sector.
Market Movement Overview
Indices like ES, NASDAQ, and RTY are displaying potential bull flag formations. The Dow is having a positive day, possibly forming a bull flag on the daily chart. VIX is testing support levels, indicating minimal market fear. In the crypto space, Bitcoin had a strong overnight spike but faced retracement later in the day due to fatigue among Bulls.
Insights into Crypto Market Trends
Insights on Crypto Market Trends
Bitcoin experienced a significant spike overnight followed by a retracement, indicating potential fatigue among Bulls. Coinbase faced challenges due to a lawsuit, impacting its performance compared to other major crypto-related names like Mara and Riot.
Canadian Cannabis Stocks Performance
Canadian cannabis names, including CGC and others, have shown remarkable strength with substantial price movements, reflecting notable bullish momentum in the sector.
Market Dynamics and Price Movements
Crypto market trends indicated some profit-taking in Bitcoin with upper Wicks on the daily chart. Additionally, certain stocks like Nvidia faced downward pressure, potentially setting up for a beach ball scenario if there’s a gap down open in the coming trading sessions.
Commodities Update: Oil, Dollar, GDX, SoftBank Impact
Commodities Market Update
GDX is currently testing daily resistance levels, with Bulls looking for further confirmation before the market closes. Oil saw bulls buying the dip with a long lower Wick, indicating potential support levels and an hourly uptrend.
Dollar and SoftBank Impact
The dollar is testing support from the previous day’s high, with potential for a daily bull flag pattern. SoftBank’s sell-off of AR shares has influenced the market dynamics, impacting specific tech stocks like Intel and Nvidia.
Stock Analysis Highlights
Apple showed strength by breaking a daily inside bar, while Tesla faced challenges in capitalizing on midday highs. Microsoft near 420 levels led to Bear dominance towards the end of the trading session. Additionally, AMD displayed weakness, hinting at a potential hourly bear flag setup.
