SPX Bull Swing Holds, Crude Eyes $88, BTC Targets $69k

I sometimes find it funny, well, most of the time actually, that what I think will happen is vastly different to what the systems I use tell me to do. Opinions, like something something, everyone’s got one and they are usually full of shit.

The systems keep me sane.

Market Snapshot

The snap view of the stock indexes all look a little different again. SPX is at or near the upper range waiting for a move to the lower range. NazQuack is the opposite, unless we see a breakout. Dow and Uncle Russ are still a little hard to read by comparison.

So if in doubt, stay out.

• ES (SPX): 7,519.25 / +0.48% / bull swing back in play, gap higher, full read below

• YM (Uncle Dow): 52,212 / +0.19% / hard to read, stay out

• NQ (NazQuack): 29,133.50 / +1.24% / at range highs, watching for the break

• RTY (Uncle Russ): 2,979.50 / +0.78% / tidied into one zone at range lows, full read below

• VIX: 17.59 / -5.73% / dropping hard, risk-on tape

• GC (Gold): 4,073.60 / +1.54% / catching a bid

• CL (Crude): 81.58 / -1.02% / doing the dance below $84 resistance, full read below

• BTC: 66,171.56 / +1.47% / breaking out, $69k target, full read below

SPX: Bull Swing Back In Play, 7,500 Is The Trigger

SPX remains bullish, and interestingly, that was looking like it was going to fail. But with price jumping already in the overnight futures, a gap higher at the open back towards the 7,500 level again seems likely.

We are starting to see price cut a range out here. If we can nudge above 7,500, I should be able to transform my swing and lock in some profits on the income trade, turning it into a no-loss position.

We will see.

Bull swing back in play. 7,500 is the trigger.

Uncle Russ: Ranges Tidied Into One Zone, Bull Swing At The Lows

Over on RUT, I have tidied the overlapping ranges into one zone, which means that we are at the range lows with a bull swing setting up.

Range lows in play. TnT aligns.

Crude Oil: Doing The Dance After The Breakout, $88 Still In Play

Crude oil is doing the dance after the breakout. Will it hold? Will we see $88?

We are nudging up against potential resistance, so a push above $84 and we should see $88 quickly afterwards.

Above $84 opens the path. $88 in play.

Bitcoin: Breaking Out Of The Rising Range, $69k Is The Target

BTC is breaking up and out of the rising range we noted. $69k is the breakout target should it hold.

Move back below $65.5k and we are back in the range, with $63k towards the range lows seeming likely.

Break holds: $69k. Break fails: back to $63k.

From The Desk: Premium Popper Payoff Yesterday

The Premium Popper trades and transformers worked out nicely on the 1st and 3rd BOs yesterday, something we looked at live during the group call. Profits locked in by lunch time, and a nice little risk-free batman or pussy cat pattern, depending on your preferences.

Locked in by lunch. Risk-free from here.

Students are smashing the results – AGAIN!

Trade well,
T2 Markets

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