Copper Absolutely Destroyed, META Explodes, MSFT Up Big But Overall Tone is Not Great

Apple and Amazon results, MSTR charts and NFPayrolls Tomorrow

Ok lets first take a look at Copper which was actually hammered after the futures close late yesterday. All in all copper futures were smoked on the news that Trump excluded copper cathodes from the 50% import tariff. Copper lost over 22% on the day and erased 4 months of work on the upside and now we are into some trend line supports:

As far as the equity markets the QQQ put in a very interesting reversal day today and rejected our 576 weekly resistance area and are geared for a battle into week end tomorrow:

The Nasdaq index despite the big up days for META and MSFT on the daily chart doesn’t look good and a weekly close below the 50pSMA on the daily and will be a good initial bearish start to perhaps a larger move lower:

The weekly chart is a bit more telling and a close here near or below 23k on the week will bring in systematic and trend following sellers next week:

When we look at the SP500 we can see that the prior upside range was touched and rejected a classic reach and sell signal here:

Our last chart here before we move to the subscriber only area is the Euro Currency which is now below 116 area support and putting in a longer term topping formation:

Alright we had Core PCE data today and it came in at 2.8% YoY and pretty much unchanged over the last 3 quarters, so in our book the FOMC has succeeded. We don’t think the FOMC should be cutting rates, we would rather them hold the line and keep things where they are at and let the market itself adjust to this new higher equilibrium.

We have all the latest trading trackers and updates coming up in the next section as that is it for our free look section. We provide value where others cannot and if you are here for the free ride, then that is fine, we always share a few freebies every month, but we can no longer provide the level of free content that we once did. Our time and our effort is to value to those that utilize and pay for it.