End of Day Update to Futures Market Trend Sentiment
Guys as we stated in our earlier subscriber post, that there were going to be changes by the end of close today, the markets that are moving to neutral bias or flat “0” are the NQ and YM.
This is no surprise given this weeks strength. Its not an obscene equity strength, but rather seems very forced. What we mean by this is it seems like a very small subset is controlling the movement and it will continue to buy until we get some sort of external catalyst. What that catalyst is, well is yet to be determined, but this week was very odd. Perhaps chalk it up to the last week before school starts, but honestly the equity bid was very curious.
Anyhow note the changes before the close of the day today, but this is how things will begin for next week. Ok will be back with a full letter later today:
We will post a weekend note with more technical and fundamental data, but we wanted to share this QQQ chart, the only fundamentals we see in this is vast concentrations of wealth:
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