Before we get started, if you missed the live War Room session for subscribers-only yesterday morning – don’t fret. We will have the replay posted now for your viewing as well as the ability to review your notes and to pause and rewind as desired. Here is the link for you to view it: (TKTK).
Remember, this is the primary means of getting the best of War Room and our current and pending calls in the markets. And this is even more important with this week’s dramatic movements in many of our futures markets.
Tough Week, Still Buys
Tough week so far. The Federal Reserve and its Open Market Committee (FOMC) dropped a wrench into the markets yesterday. But that’s fine. We work with all market and all economic conditions here at War Room.
Stocks are mostly off today – but not for our technology heavy Nasdaq 100 Index (NQ).
The Nasdaq 100 Index snapped back today with a gain of 1.29%. And our chart work and research are coming through this week as we have buy calls based on our monthly, daily and hourly charts.
Again, the Nasdaq 100 Index is a buy.
Technology remains the sector that not only dominates the index – but dominates the markets as technology triumphs through all sorts of economic headwinds including potential actions by the FOMC.
We have an upside target – a big one that we’ve kept for weeks now at 16072.25. That’s based on our monthly charts.
And for the daily charts – we are looking at 14895.50 as a limit that could be reached along the way towards the big upside monthly target price.
And on the hourly basis charts – look for a limit of 14924.25. This again shows some further upside for our technology focused index.
Gold’s (GC) pause in price that is now a full pullback was anticipated – but has become a problem for further upside right now.
What was an opportunity to buy on the cheap is now not something that is recommended. Gold is being sold off largely on the expectations for higher US interest rates – and the pick-up in the US dollar is also hurting gold’s demand right now.
The Swiss franc (6S) is down again today. The US dollar is gaining on the potential for higher US interest rates and in turn this is driving down demand even for the best of the currencies that is the franc.
This formerly steady performer is now disappointing. And the abrupt nature of interest rate expectations is countering the other highly positive attributes of the Swiss franc and the economy behind it. You need to watch the replay of the live session for the full discussion.
Replay for Upside Trades
If you missed the live session yesterday morning, or if you want to get a replay that you can use to confirm your notes and take the time to pause it – all of that is possible with the replay that is posted now for subscribers only to War Room right here: (TKTK).