A Brief Update On Markets Rob’s Watching Today

Welcome back everyone!  I am still broadcasting from Chicago where I am part of the big trader’s summit.  Thanks to all of you who made the journey live.  I know that is just not fun to do anymore.  I know a lot of you are choosing to stay at home.  That is why we had you guys broadcast in.  I look forward to offering more opportunities to see us at home in the days to come.  That could stop all the crazy travel you all dislike.  Stay tuned for all of that!

I want to give you a quick update from the Chicago Trader’s Summit.  There are really three things I want to share first.

I want you all to understand that the S&P, DOW, and NASDAQ are all currently inside bars right now.  We are looking for breakout / breakdowns.  We don’t know which way that will go yet because the RUSSELL is hanging on there to the upside.  The DOW and S&P both came up off their lows and made accumulation bars yesterday.  The NASDAQ is struggling terribly.  A lot of the key markets that I have been sharing with you recently: Amazon, Tesla, and Apple, the warnings I have been explaining have all came true.  The NASDAQ is under a lot of pressure.  Something has to give here.  The RUSSELL either has to stop going up or the NASDAQ will pick back up again.  Until the markets get back into equilibrium, we are going to be in this choppy environment.

Two markets that I am looking at as follow ups are CRUDE Oil and Euro.  I was looking for long side trades above 51 on Crude Oil.  It went above 51 and quickly shot to 52.  52 is the level to beat today.  I am still looking for it to get above 5205 for long side opportunities.

I warned you guys about the 120 level on the Euro.  The 120 level is still not support right now.  We are currently testing a very critical area.  This 118340 area is a very long term double support area.  If that fails to hold, watch out!  We are getting to the edge of the abyss right now.  You will hit the top edge and watch it take off.  This is where it could possibly survive.  If it starts to break down, that could lead to a nice move to the downside.  I am going to be watching that going into tomorrow’s session.

I am going to give you some equities once I get back from this trader’s summit.  I look forward to seeing you guys in the Live Trading Room or in tomorrow night’s videos.

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com!

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