In this episode of bull or bear, we see the indices marking time. During this lackluster seasonal trade, the markets are going nowhere. It also means we shift to neutral. Until the 60 minute charts give us a definitive direction, we will likely see more choppy price action.
COMPQ 60 minute is consolidating near its 9/20ema. RSI is neutral. TICKQ cumulative suggests similar institutional sentiment with a lack of trend. Stocks like Apple and Nvidia should be little affected by the indices. Expect upward mobility.
SPY 60 minute supports the same thought process. Big cap growth and stocks in good setups should do well, despite the lack of affect from the S&P500. RSI is trend less. Stochastic could trend a bit lower today.
IWM looks the best, moving little off its highs. Lots of small cap energy names are in play.
As the holidays approach, we typically trade less. It makes sense to scale back during the end of the year, so we only take short term trades.
Off to my son’s Christmas play. I’ll be back for the Opening Bell.
Seize the day,
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