5 Things to Pay Close Attention to This Week
The price action last week was one for the books and I expect this week to be no different.
On Wednesday we saw stocks take out the January lows and then on Thursday the news of Russia invading Ukraine sent the NASDAQ down about 3% at the open. However, by Friday's close tech stocks had rallied 9% from the low.
The one thing we can expect this week is more volatility as market participants react to the news out of Ukraine, Russia as well as any new sanctions.
Despite the big rally on Thursday and Friday the NASDAQ has only just got back to the 10-day moving average and is still well below the 200-day moving average.
The downtrend remains intact on the daily chart as we are still seeing a series of lower highs and lower lows.
And what about the generals? What if they start to get sold?
Here are some levels to pay attention to in AAPL, MSFT, and GOOGL
Uranium, Copper, and Steel
There was a lot of excitement around technology and growth stocks as many names rallied from extreme oversold levels and closed the week much higher than the lows that they saw on Thursday.
However, at the end of the week, the winning stocks came from uranium, copper, and steel.
I'll be watching closely to see if this trend continues this week.
PFT Trading Premium members have been long uranium and copper-related stocks for months.
Gold and Silver
Gold had a great start to the week trading as high as $1977 but gave up the majority of those gains towards the end of the week.
The recent breakout remains intact and I'll be watching for continuation higher this week.
Silver has recently started to play some catch-up to gold but ran into resistance near $25.50. I'll be watching to see if silver can make another run at last week's highs.
Investor sentiment remains very pessimistic. Are we getting closer to a bottom in stocks? Or will this situation persist?
Crude oil continues to be volatile trading between $90 and $100 depending on the Russia, Ukraine, and sanction news.
Are we closer to a top? Or will the price blast through $100 and not look back? And how much premium is already priced in with regards to the current situation with Russia and Ukraine?
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Nothing in this blog post should be considered investment advice and is provided for educational and entertainment purposes only. The commentary and information represent the opinion of the author and are not recommendations to buy or sell any security or investment product. The author may or may not hold positions in the securities and investments mentioned. Full disclaimer here.