This Is Not Investment Advice
The Market Right Now - Risk On/Off
Following up on the report published about a few things catching my attention as warnings - let’s take a look at a few more charts to see what is going on here.
Nasdaq General Market Indicators
IBD The Big Picture - 2/2
QQQ Daily
MU Daily
GOOG Daily
Thoughts and observations:
Real risk is present in the following . . . . . a cooling down and/or further breakdown below 21 EMA Daily for all of these . . . . . DRAM related and S. Korea tech . . . . Space . . . . Uranium . . . . . Rare Earths . . . . . risk can elevate EVEN IF some of these things were to have relatively healthy consolidations and/or corrections . . . . meaning we don’t “have to see a crash” to merely settle back and knock Risk On down in the short term . . . . . .
GOOG can move SPY/QQQ/DOW for sure no doubt . . . . . but it has already been acting very bullishly . . . . question is how much already baked in . . . . and even if the numbers are fabulous (I have no idea what they will be) . . . . . how much more can it rise in the short run and is that enough to drag entire market and Risk On . . . . .
As shown above by IBD . . . . GOOG and AMZN in potential buy zones . . . . . even if both companies report amazing results (which is a big IF) . . . . is it enough to break QQQ out of that Orange Box shown above on the QQQ Daily (21 EMA Daily shown on all Daily Charts) . . . . .
PLTR is popping heading in to Tuesday . . . . it closed Monday with Relative Strength rated at 54 . . . .
My senses are that there is a buildup of hope/expectation that GOOG and the S.Korea/DRAM story can in effect launch forward Daq and Risk On . . . . . and that may in fact happen . . . . open mind . . . . . but managing Risk we have everyone essentially All In already . . . . little to no protection in use . . . . several Risk On leaders cutting 21 EMA Daily already and/or testing it . . . . . and on Higher Time Frames in aggregate for titans and behemoths (and IWM now) we simply have Red Money Flow in many cases and a lack of an upside thrust in Volume and Accumulation . . . . .
No predictions . . . . not talking about “a crash” . . . . I’ve increased protection and may start selling off some chunks this week depending on how things shake out . . . . .
looking above at QQQ Daily with an open mind . . . . it keeps breaking 21 EMA Daily bearishly . . . . can’t seem to break away higher . . . . the moves higher tend to be on Lower Volume . . . . moves lower tend to be on Higher Volume . . . . . hence IBD has Accumulation/Distribution Rating of D+ for the Nasdaq . . . . .
