The Market Performed Right On Cue Last Week. So What Lies Ahead?

Welcome back! Let’s take a look at a handful of markets and talk about some other exciting stuff. First things first, Goldman Sachs. I told you about this earlier in the week. What was necessary was to see that while the markets were holding up here, Goldman Sachs was pushing down. I told you that the problem is that could cause the market to dry up and start to push down as well if Goldman Sachs didn’t have an immediate about face at which point the whole market could rally as well.

Fortunately, that is exactly what happened. Goldman Sachs did turn around and start to push up and that allowed the market as a whole to push up as well. We’ll continue to watch for any divergences because that could be very telling. When Goldman Sachs started selling off, that led to the market coming down so we’ll keep an eye on that going forward in the days to come.

As we look at a couple of other things. The VIX is sitting down at the 12.65 level. Anything under 15 can lead to some nice low steady bleeding up in the market here. That’s basically what we’ve actually had in the last few days. You’ll notice as we take a look, once we get below that 15 area, we just kind of start to drift in the market to the upside. This is a very positive area to be if you’re looking for long-side trading.

Bonds are holding on by the skin of their teeth. We had a big accumulation bar locked in a few weeks ago and we’re just holding on dearly in that area. If we break down below, bonds could be in for quite a fall. Those that are bond enthusiasts to the long-side are looking for us to hold and break the high from last week to look for further upside.

Crude oil at this point I want to see get above 71 again. I’m really not going to be interested in this point in longs until we get back above 71. For us to be looking at this chart anymore, I have to be above 70 as I mentioned previously.

Netflix is still struggling to break out above those resistance levels that I identified for you previously. Going into this week, it failed to continue. Watch these key levels that I’m sharing with you – they’re very important. As we talk about market key levels as well, what you see right now is we want to get above this distribution high on the Russell and on the Dow. The Dow held key long-term resistance to the tick today as of this video at 24845. We really want to get above the high set from Thursday in the Russell and the Friday high on the Dow. We want to see those continue on into next week for continuation moves to the long-side.

So far, we’ve had a pretty good run. We’re going to be looking for some fresh enthusiasm going into next week. Anything down below this is going to cause me to pause. I would really not be looking for short-side trades at this point for a swing trading basis. I’ve got some really exciting announcements coming out at the beginning of next week. Make sure, whatever you do, make sure you catch up on my videos that I’ll put out for you early next week. You will not want to miss them. It will probably be Monday or Tuesday for some exciting news and some new tools and resources at your disposal. I’m really looking forward to sharing that with you because it will help you a lot.

Have a great weekend! I’m looking forward to seeing you in next week’s videos and in the Live Trading Room. Take care everyone!

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Goldman Sachs And The Market Followed Through Right On Cue From Last Night’s Video

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