Stocks are pointing higher once again with the trading up about 60 basis points. The momentum trade continues, with rising as well. Interestingly copper is now approaching the upper end of its trading channel.
But to this point, the Qs are not ready to get to the upper end of their channel. I’m just not sure what that may mean at this point. Will the correlation break if copper starts to reverse, or will falling copper take the Qs with it? We will need to watch it.
Meanwhile, the continues to melt, reaching its lowest level since the middle of March.
Boeing (NYSE:) is testing resistance at $158. It is its second attempt to break above $158, and if it can, it likely pushes higher towards $183.
Alphabet (NASDAQ:) is consolidating around $1430, and the RSI still has a little bit further to rise. A break out sends the stock back to $1498.
Amazon’s (NASDAQ:) stock bounced back some yesterday, and if you are a bull you need this one to keep powering higher. However, the RSI still diverges lower. So take it to me what you want.
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