Financial markets are great at focusing on one theme and “sucking” traders into shuffling risk as news regarding one theme change on a daily basis.
Markets up, down. Volatility up, down. Mood up, down. Fear one day is greed the day after.
As we watch the Trade War On, Trade War off sentiment shift dynamically we must mention a few US charts below.
QQQ is putting in an impressive candle today and trades currently above recent highs we saw in June. A close here or higher and shorts will feel the pain.
NASDAQ volatility, VXN, is falling below the 200 day average today and is trading at levels last seen a month ago.
Some of the NASDAQ names continue trading absolutely impressive. The second biggest component of the QQQ is Amazon. Another classical breakaway candle today.
Facebook is also putting in another impressive break up formation.
SPY is trading higher but is not showing the same confidence as NASDAQ. SPY is just below the massive 280 level.
It’s all about Tech but note that the Russell actually trades red today.
Source: charts by Bloomberg
