Sellers Continue to Dominate
MH370 UFOs?
Alright, let’s just start off with last weeks Settlements for the markets that we cover and you will see the selling dominated across most markets except for energy:
We continue to notice the weakness in the Nasdaq as it was the weakest index once again. Many retail most likely bailing on the FOMO AI trade and liquidating the likes of Nvidia. Nvidia was smoked on Friday -8.5%, we posted this chart last week and we continue to believe the high is in here and continued selling will ensue with no real support till $338:
As far as the MEGA8s complex that we have been tracking since May 10th we continue to demonstrate the use of call selling in the QQQs to offset this new expected down turn. The MEGA8s are now down $725Bn off their market cap settlement highs:
Here is the complex market cap chart since MAy 10th:
As far as the chart of the group…you’ve been warned:
When we look at the US Ten Year future, which has been warning equity bulls for quite sometime, it seems a few players stepped in to support key technical levels here:
Overall the US Bond market has flattened out quite a bit last week off the CPI prints but will see if this week we see some curve buyers step in, especially if equity weakness does indeed continue:
The other technical futures charts we wanted to share are the SP500 and Nasdaq. The SP500 has decent Vwap support and you can see the last test in late May was bought. This may be the initial case, however a close below will open up downside pressure once again:
When we look at the Nasdaq, well 14950 seems really important this week. A trade below there will bring in forced sellers, increasing volatility and put this market in solid full on reversal mode, bringing in the systematic sellers:
Finally the GFBP Positions Tracker, it continues to suffer from the long fixed income view point however it continues to be our sentiment and no changes are expected over the short term outside some larger moves occurring, however the sentiment has a monthly P+L reversal limit so it could liquidate base off of that:
Alright, its a light week for numbers, but expect equity sideways to lower to continue and we suspect the bond market may start to see some money flows coming out of the equity markets.
Finally we wanted to share this link to this new video that is trying to be debunked by technical video analysts, and has to do with the disappearance of MH370, its very interesting footage of #UFO surrounding this plane. Many will say its layered and fake, however thus far, nobody has been able to debunk it, but its a pretty cool video so we thought we would share it, its from Twitter, MH370 UFOs
Ok hope everyone is having a great weekend, here is to a great start to a new week!
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