This past week, market sentiment gyrated wildly as the continued US-China tariff talks continued to drive headline risk.
Add in the fact that many market participants were off for the Yom Kippur holidays and you had the combination of lower volume and potential for pockets of volatility.
Lots of traders were licking their wounds going into the end of the week as the staccato price action chopped up traders however the positive progress from this week’s tariff talks left the bulls in control allowing buyers to test the monthly and quarterly opening levels on the DIA and SPY, with QQQ now closing above those levels.
Bonds, gold, and silver also gave good tells of the potential risk-on environment as TLT sold off the entire week and the shiny metals gave up the earlier gains in the week only to close the week red.
In this week’s video, I speak about the importance of balancing the longer-term view with a shorter-term view and how not to let the micro-term price action overly affect your bias.
Watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching.
In this week’s video, we look at the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD SLV BTCUSD ETHUSD TOTAL EEM XRT HTZ DLTR GOOS IBM FB AAPL AMZN NFLX GOOG and more for the week of Weekly Market Outlook For October 14-18, 2019.
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