Rob Reviews Several Markets For You Tonight

Welcome back everyone! Let’s take a look at some key things today!

I did fire off multiple shorts early on in the trading room this morning. I did let students know we had the 12100 level on the DAX. We also had the 21000 round number on the DOW. We also had the rising channel on the RUSSELL. Additionally, we had rising support on the S&P with the channel not far behind. There was a lot of support that held us this morning.

We actually had some very volatile spikes to the upside this morning. Fortunately we didn’t have that happen to us. That worked like a charm this morning.

We are holding these key supports. Those are the 12100, 6968, 24000, 1640 on the RUSSELL, and the 2700 area on the S&P. Those will be areas to watch for any further downside action.  I am going to be looking to see if we can get above the 2729 level on the S&P, the 1666 area on the RUSSLL, the 24321 level on the DOW, the 7100 level on the NASDAQ, and above 12300 on the DAX.

The Bonds have been recovering for days. We had a positive divergence. If we can overcome the midpoint (146 area), we could see some good moves to the upside. That helps us both on a weekly chart basis. I want to get above the distribution. 149 or 149 is going to be tough!

I have been talking bullish about Crude Oil. We went right back up to my target. We actually exceeded my target slightly. I will want to see if this is a real exceed. Can we push through and make this support? We could possibly see $80 oil fast. Not many people are talking about that now. That could be a fourth horsemen of doom. We talked about the other three that I mentioned to you in recent videos. Those were the trade war, the FOMC, and taxes.

If we start getting Crude Oil a self-imposed tax, prices could go up. That could be a fourth thing that puts us jeopardy. Be looking at that closely to see if we can break through the key resistance.

Amazon is trying to hold on the daily channel and weekly speed lines. We have the weekly distribution bar. I will be watching for that closely. That would end up being a short term play. As we are coming in to the earnings season, I will be looking into using some news related techniques as well.

NFLX is in a similar situation. I want to see us start closing back below the speed lines on the daily chart. Like Amazon, that will be a short term long side opportunity at this point.

I wanted to keep you up to date on a couple instruments there! Have a great night! I look forward to seeing you in the Live Trading Room and in the upcoming videos.

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