Stocks are up slightly premarket, so we won’t see a gap-up or down. Non-gap days make it easier to see what’s really strong because it’s easier to see what’s outperforming.
We got Jobless Claims this morning but once again, but this report has been near the low 200,000s for several years now and it’s just not moving markets the way it used to.
The bond market (TLT) is now trading above the 50-day moving average, which is very positive for the overall market, especially rate-sensitive stocks. However, there’s major resistance above. And until we break the trendline at $90.36, we’re still in a major downtrend.
If the bond market then rises above the 200-day moving average at $93.92, that’s when the Fed is likely to start discussing cutting rates again. So I like what I’m seeing and I’m cautiously optimistic about what’s happening with TLT.
The U.S. dollar is also stuck in a channel and will probably stay choppy for the foreseeable future. But we want to see it drop a little bit, which would help the bond market go higher, also creating more upside for the gold market.
Even if it doesn’t drop, as long as it doesn’t go up, I believe there will be fairly good moves in gold.
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
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
- Telegram:https://t.me/+_vmfwkeP8fA5YWQ5
- YouTube:https://www.youtube.com/@Roger-Scott/videos
- Instagram:https://www.instagram.com/thetradingpub/
- Facebook:https://www.facebook.com/TheTradingPubOfficial
- Twitter: https://twitter.com/Rogerscott1970
Important Note: No one from The TradingPub team or Roger Scott Trading will ever message you directly on Telegram.
P.S. The Great Rotation Is Here…
This month, Wall Street is being “forced” to sell certain stocks. And for a lot of investors, that means suffering through losses.
That’s why Graham is going live at 11 a.m. ET, when he’ll recap his last trade…
Discuss why February could be the worst month for stocks this year…
And how we can capitalize on these overnight moves that Wall Street could be “forced” to sell.
