Interesting couple of days. There was clear market manipulation by President Trump going into the market opening on Monday morning. As a technical trader, I normally don’t care about the news as much as how the market reacts to the news. However, I also don’t like anyone artificially influencing the normal ebb and flow of the market either. It creates unnecessary volatility. The other thing I take issue with on Monday morning is the clear insider trading that took place before the market opened. It is utter bullshit.
Source: https://x.com/adamscochran/status/2036070980754239563
Moving to more important things. The market continues to hold support by closing above 6550. NHNL is fairly neutral at the moment and Capitalized NHNL is still skewed negative with new monthly lows above 15 trillion in market capitalization. That will need to reverse in the next couple of days if the market is going to push back to the 6800 level.
It is the hourly chart that continues to provide the best insight to the market’s short term intentions. The S&P 500 has broken out of it’s downward channel, but has found strong resistance at 6625. Not a particularly bullish sign.
It could go either way at this point and we will all have to wait and see what happens next!
