In todays video, Bill Baruch, president of BlueLineFutures.com, breaks down the latest major market movements.
We have a real battle going on in the equity markets today.
We traded lower on the opening bell this morning, testing support (4447-4453 in the S&P aligning with the 200dma, and 14325 in the Nasdaq).
Nvidia (NVDA) and Marvell Technologies (MRVL) are both up nicely today, but the iShares Semiconductor Index Fund (SOXX) has moved below its 200DMA. With Apple (APPL) holding up after breaking out of a trendline, and Amazon (AMZN) & Microsoft (MSFT) just below their 200ma, this is where the battle can be seen.
Some are staying contained, others are moving stronger. After moving through the $112-$113 area, Crude Oil (CL=F) has some resistance overhead. Getting out above $120, we could really see it melt higher. The EU is going to import LNG from the US, but they are very divided on new energy sanctions.
Email info@Bluelinefutures.com or call 312-278-0500 with any questions—our trade desk is here to help with anything on the board!
Learn more about Bill Baruch at Blue Line Futures
