Stocks are rebounding premarket and things are looking much better than they were last night… It’s mostly random aside from the Nasdaq, which still has Nvidia (NVDA) rising after earnings Wednesday.
I would be very cautious trading today ahead of the long holiday weekend, when volume is likely to be very light with a lot of people, especially institutional traders, playing hooky from work.
The biggest report today Consumer Sentiment at 10 a.m. ET, which could sway sentiment.
Downside volume is picking up in crude oil, and two moving averages are intersecting, acting as support. If you look at the Russell 2000 (IWM), it’s basically the same chart pattern.
I’m not bullish on energy stocks right now because crude can’t stay above the moving averages. And if it breaks down below $76 a barrel, it would break a major value area. And if it does break lower, there’s no support until a long way down.
Gold broke below its ascending triangle, and it’s either going to break below its 50-day line and fall to its 100-day. If it does, I don’t think it will make new highs.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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