TTG Midday Observations & Charts 11-16-22
Quick observations (TTG Members receive audio messages throughout today + premkt analysis)
- Breadth "nasty"
- Bonds strong TLT +0.9%
- US Dollar ~ flat -0.1%
- VIX -1% 24.2
- Crude -2% Nat Gas -2.%
Bottom Line: Growth and Growth at any cost ARKK -4.2% taking a breather today as more defensive areas outperform XLU +0.9% XLP +0.5%. Solar a standout today in Growth +0.6%. From a technical perspective NDX took out a major VPOC on Daily chart yesterday and is fading a bit (see chart below). Also notable even before the "rocket headlines" yesterday, price was giving back gains, so perhaps the market a little tired after some big moves last week. Also note it is monthly options expiration on Friday so could be a seeing some volatility attributed to that.
Market Breadth Indicator (looks at Advancing vs Decline & incorporates volume)
% change from open
Charts
$NQ NDX futures Daily chart
Yesterday, price took out a Daily VPOC, which was an upside target... now., let's see if price can hold in & back & fill. Watch the 5d MA here to see if price holds in.. if that does not hold, watch for a check back to the top of Nov Value Area 11,522.75
$ZB 30yr Bond futures Daily chart
Price has rallied up to top of the Nov Value Area, this would be a logical area for a pause. Also, 5m VPOC taken out on Bond auction
BTC - Bitcoin futures
Watch for a break out of the bear pennant. For confirmation, watch for a break of this weeks Value Area, 15,895. Short setup.
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