Another Float Up Friday?

Published 04/08/2016, 01:46 AM
Updated 07/09/2023, 06:32 AM
XAU/USD
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QQQ
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GC
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CL
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TLT
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USO
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A lot of rising channels failed this week. The charts below are 195 minute bar charts showing two months of trading.

Indices Charts

The first two rows are the key stock indices where we see that all but the PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) have lost their rising channels. The bottom row shows that the iShares 20+ Year Treasury Bond (NYSE:TLT) (bonds) and gold became maxed in their channels Thursday. The TLT needs a pullback today as does gold and if this happens this would allow a window for stocks to rise today and with Friday being the thinly traded session where the prop the market coalition is highly effective in squeezing oil and with the United States Oil (NYSE:USO) pressing against the upper line of its declining channel, it looks like we are set up for another classic "float up Friday".

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