1. While the SPDR Dow Jones Industrial Average (DIA) and iShares Russell 2000 ETF (IWM) have been trending lower, and SPDR S&P 500 Trust (SPY) has been trapped in horizontal purgatory, the Powershares QQQ Trust (QQQ) has managed to hold above its 50-day exponential moving average (EMA) and prior multi-month highs.
I don't want to give the impression that I'm particularly bullish on the QQQ, because I'm not. That said, QQQ bulls must be given the benefit of the doubt until it closes back under $110.60-$111.
2. In the interest of staying positive and looking for a few stocks still hitting highs, I want to add GoPro (GPRO) to my list of go-to names in the event I want day timeframe exposure to momentum-oriented technology shares. The stock has done absolutely nothing wrong since breaking above a multi-week downtrend line on July 17. The next area of resistance for buyers to monitor is $68 - $70.50.
3. As the U.S. dollar gets stronger, the euro becomes weaker, and the CME-traded 6E Euro futures contract is coming dangerously close to breaking beneath 1.08. A break of that level has virtually no price support until the mid-March swing lows. Such a break in the euro would be bearish for crude.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at firstname.lastname@example.org or posted to my twitter feed @ByrneRWS.