Cannabis Stocks starting to turn higher again

Technical Strategy Video:

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Key Takeaways

  • Thursday’s abrupt reversal doesn’t cancel the rally but does serve as a warning sign. Key will be SPX 4451 and QQQ-356.19, NDX- 14452
  • Treasury weakness should persist a bit longer, with TNX targets at 2.25%
  • Cannabis stocks look to be bottoming given the move to multi-week highs and a big uptick in momentum. 

St. Louis Fed Chair Bullard’s ultra-hawkish tone set the stage for a volatile afternoon session in US Equities, US Treasuries and the Dollar which need to be watched carefully into next week.  The Thursday afternoon break of 4512 in S&P Futures (4529.94-SPX Cash) causes some minor concern regarding the structure of this rally, yet it will depend on a break of last week’s lows (SPX 4451, QQQ-356.19, NDX 14452) before the trend would shift to bearish.  Near-term, this dip should be bought until/unless SPX 4451 is broken, which would cause some downward volatility into late February before a March rally.  At present, insufficient damage has been done to warrant concern technically, but the risk levels are easily identifiable for this trend.

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Treasury weakness likely reaches downside targets into March before reversal  

Treasury yields have begun to accelerate higher but ...
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