The NQ8 MF also continued to look weaker than the NQ100 MF.
Is this relevant? Yes, I believe so. In past years, I was monitoring a different set of most active stocks, which included CELG, BAC, GE and T.
Old list:
New list:
You can see below what happened in recent days to the old stocks. Only BAC seems to still be in an uptrend. This tells us that there is no safe haven in markets, especially markets that have narrowed down to only a few stocks.
But let's not digress from the general market bullishness that can still be seen in the Futures and the main ETFs.
We also see investors continuing to buy the Yen and US Treasuries. This should carry some negativity for US equities.
Conclusions:
This week is still expected to be somehow bullish, but yesterday's activity was quiet.
The breakdown of GE yesterday had zero consequence on markets, except for AL and AER which are competing with the financial service sector of GE. I believe that as long as NQ8 stocks do well, the market will disregard negative news.
On a side story, I believe that RACE is in great danger of failing below support.
The EV pattern is negative.
And we can see that we are close to the lower boundary. A fail below will trigger protective selling.
$112 is also a good entry point for a short trade.
