The Trump victory has seen the Santa rally come early to select stocks. The leaders have been financials, industrials, materials and energy.
We have NFP coming up but the December rate rise is almost certainly a lock. If the Fed does not raise now they never will. Lets have a look at a few charts to see how things are going.
I didn’t trade this oil intraday chart but it sure has been an interesting one to follow on my template. There has been a small second entry. It is absolutely chasing in my opinion from what I have been reading about the forecasts for oil from experts. Lets see.
This UNG trade has done very well and has been a much better trade than oil.
Financials are still holding up there for now.
UVXY has been smashed since the Trump victory was announced but some traders think the rally in risk is well overdone and are starting to take up defensive positions.
Oil is way up on the OPEC deal but stocks and junk bonds are not buying it. It will be very interesting to see what goes on here over the next few weeks.
NDX tested up to the very long term trend line and has rejected. Watching the key support now for a test.
E-mini has tested support.
RUT daily small caps were leading on the way up and now seem to be leading a retracement. Just have to see how this plays out.
DAX daily is rolling over towards the 50% Fibo