$TLT, which is the 20-year Treasury ETF, is sitting on a long-term trendline. With it a virtual certainty the Fed plans to raise rates, and with all indications the economy is growing strongly and inflation is a real issue, I would be surprised if this trendline held.
$BTC – Warning signals on $BTC
$JPM – May be a low risk trade
Major rebound in $QQQ after Powel calmed the markets yesterday
We had a major rebound in $QQQ after Powel calmed the markets yesterday, but the reality of rising interest rates is hitting technology stocks a bit today. There is a very interesting pattern developing on the charts – I am looking to buy volatility in the $QQQ as the ultimate direction is still unclear. If we break the strong upward trendline, which happens to be very close to the 50D moving average, that will be very bearish in the near term. If we get solidly above the recent highs, uptrend will look like it held. Either way, It looks like we are poised for a large move and I am looking at option straddles to position for this.
$SPY – we may be a bit early but we have a possible negative divergence on $SPY
A weak close today would be a good sign to take profits on longs, or an aggressive position would be to go short against the high of today.