Late last night I shared the setup as I saw it in the risk markets. I specifically shared charts for the dollar index, the S&P, and a couple of choice cryptos. I cautioned waiting for a breakdown continuation in the dollar. Well, here’s an updated look at the dollar index:
It has officially given up the 50 day moving average. Good sign if you’re fundamentally bearish dollars. So far, the S&P 500 hasn’t yet broken out, BUT it is now above the 50 day is now in the rearview:
The 100 day is fast approaching. It can theoretically be taken out this week if this bullish run continues. If that happens, the SPX is going to test the megaphone at 4,100. If you’re feeling frisky and want to put some risk on, here are two ideas that I’m currently long. Each are media companies that have sold off hard from highs. Each have decent fundamental setups. I’ve longed one of these names before and did very well with it. The other is a name I’ve quite literally never owned before and I actually hate myself for buying. But I think it’s going higher and I don’t have a real job.
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