Charts I’m Watching: May 12, 2024

Greetings from Anegada, British Virgin Islands. We continue in vacation mode, with the next post planned for Thursday, May 16. The markets continue to track our forecast, with breakouts in equities and currencies and a breakdown in VIX. Oil and gas continue to hint at a breakdown, buy this remains a wild card. continued for … continue reading →

Fourth Time a Charm?

This is the fourth time in a row that ES has pushed back into the rising channel from which it previously broke down. This one is more important, however, as it has the 50-day moving average in its sights. As we discussed last week, all the stars are aligned should the algos wish to pursue … continue reading →

On the Brink…Again

Already elevated on AAPL’s announcement of a historic buyback, futures popped on a weaker than expected jobs report. The only problem is that this ramp puts them right back at the top of the channel which has prompted three previous tumbles. Will this one be any different? continued for members… … continue reading →

Don’t Forget About Oil

Powell might insist that the word “stagflation” is never mentioned at FOMC meetings, but inflation and labor costs are still hot, and the latest GDP print is still hanging over us like a wet rag. Nevertheless, the algos are content to take their cues from VIX and currencies which, at the moment at least, are … continue reading →