Key Takeaways

  • Monday’s initial gains fade, leaving S&P still within last week’s range; meanwhile, Bitcoin and many Cryptocurrencies gained sharply today.
  • Treasury yields pushed higher to just under last month’s peaks while hedge fund data shows futures positioning falling to the lowest levels in over a year.
  • Solar stocks gapped higher with Biden attempting to promote solar development.
The video in this report is only accessible to members
The video in this report is only accessible to members
Equity markets got off to a good start to kick off the new week, with Monday’s gains initially offsetting the weakness from last Friday before fading.  While optimism faded a bit during the day as Treasury yields lifted, patterns still seem to support a push back to new weekly highs before some much-needed consolidation.  Near-term technical targets lie near 4285 up to 4315 for SPX, while QQQ could hit 318, then 322 before pulling back.  Elliott patterns (in my view) still seem to support this being a choppy 4th wave consolidation off the 5/20 lows and a final push up to new weekly highs above last week’s peaks being the most likely scenario.  While a strong push higher in US Dollar and yields likely will affect Equities negatively, this still seems early and Equity trends remain bullish in the short run with leadership ou...

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