April 16th MTR Subscriber Data Tracker Updates -Powell Comments Hit Equities

Sellers seem to be lurking and waiting for any reason to dump!

Well we know Nvidia gave the equity markets a big negative bias to open things up then at 1:30pm Est. J Powell’s remarks all but sealed the fate for equities into the close. The remarks prompted the Nasdaq futures to drop 500 points to the lows and recovered somewhat by the end of the day. Honestly though, we didn’t think he said anything of note, its just an excuse for the sellers that continue to lay in the weeds. Inflation may uptick due to tariffs, we doubt it, as pricing power is not in the hands of the producers. Also rates are not moving higher, they will move lower and all the jump in yields is transitory from margin calls and cash raises out of Asia. Ultimately we will continue down the lower path of yields but for now, lets get past the May US Treasury refunding and then will see where things are:

For now we suspect sellers in control again below 19k, 18750 area resistance now and 17920 support. We said in yesterday’s post a failure at 19k would likely see the 18280 downside target, well the low today was 18116:

SP500 futures has the 5340 area as the pivot tomorrow, buyers above there will try to push it toward 5400 strike and below the 5300 strike

Gold continues to tear it up, all the longs will most likely have protection stops below $3120 then $3015:

One last futures chart is Copper, expect resistance at 4.75 any new seller here should keep stops above 4.90:

Ok as far as the QQQ ETF 455 is the pivot now and we will continue to see lower prints below this level, support is down at 425:

One last chart is META, looks downright awful and a move to $405 wouldn’t surprise us, and any chance to sell above $530 would be a gift:

Ok that is it for now, we have all the MTR Subscriber data and trackers up next, we urge you to become a full subscriber and truly break through that barrier of understanding in regards to our global financial system.

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