Chart of the Day

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” – Winston S. Churchill
Dip buyers were at it again yesterday as the shenanigans continue on yen and gold. As we have been discussing and not to sound like a broken record, the markets are being extremely complacent here. This does not mean that they can’t trade higher but it means that the real ‘velocity of move’ risk is to the downside. Having said that, even if our base case still remains that we should trade sideways to heavy into the end of the month, we are very much aware of the fact that there is a distinct possibility of a melt-up squeeze, especially in the NQ as it hovers around all time highs.
Today we will discuss and review the Netflix chart in detail once again and discuss how it will likely be key in understanding hot strong yesterday’s moves really were and if indeed they can get traction.
No change to what we discussed in our latest Weekly Outlook Video, and as always, keep an eye on the Twitter Feed for updated charts and commentary.

Note for active 50Scouts members: *make sure you read out latest update* and keep an eye on your inbox for a free pass to Friday’s daily webinar session (make sure to check your spam folder too).
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

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