A.M. Look 3/5/24

Google is trading into its 200 DMA.

AAPL has further to go before it’s a low risk buy for a bounce.

I would not own TESLA.

Chips are holding with everything else in correction mode.

Russell stopped at the wrong level. Beware the lemmings in the index!

Spoo…first support is 5108 with a 5112.50 print needed to relieve the RSI.

Oil will need to hold 7740-70.

Natty went to a magic # and former hold and breakout level yesterday, which is something one could see if they’d bothered to look at a long term chart.

Late Yesterday my view was the indices had to correct.

The game was in the spread response. Is it a traditional risk off board with the Bonds being bid against the Indices?

Next, how would Gold and Bitcoin respond?

I said the resistance and screw zone in BTC was all the way up to 70K.

Gold is relieving its rsi against BTC with BTC showing a potential double top on a qtly.

It’s all about the path.

9:45am USD Final Services PMI 51.4 51.3
Tentative NZD GDT Price Index 0.5%
10:00am USD ISM Services PMI 53.0 53.4
USD Factory Orders m/m -3.1% 0.2%
Tentative USD RCM/TIPP Economic Optimism 45.2 44.0
12:00pm USD FOMC Member Barr Speaks
3:30pm USD FOMC Member Barr Speaks

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