Tackle Today: Bulls in Control
May 7, 2024
Favorable Technical Setup Developing
Coach Mark here.
The bulls have a chance to grab one here. That has been my general message over the last week when I meet with my Cash Flow Vikings trading lab and meet with the team ten minutes before the market bell every morning in Discord channel. Supportive macro catalysts last week, a perfect unemployment report for the bulls on Friday, rising moving averages on multiple time frames, falling oil, yields and dollar charts….it is a setup for bulls to lose here in the short-term.
The inflationary data next week (PPI on Tuesday, CPI on Wednesday) are the next major catalysts on the calendar. Friday showed the first positive reading on inflation in 2024 (wage growth falling) and any further positive development in inflation will help give this short-term trend some juice as it feels like a “rate cuts are back” type of rally. Naturally any negative reading could return a touch of volatility to the market.
Still, I tend to be playing this short-term moment for the bulls rather than worrying about next week on a lazy Tuesday morning. It is a favorable technical setup developing for the bulls and patterns that develop in the coming days and weeks are certainly going to be actionable in the short-term.
Will break down the technicals on the Halftime Report with Coach Frank today so be sure to check it out! Have a fantastic Tuesday!
Chart of the Day: Crude Oil Futures (/CL)
An ugly chart for oil bulls but beautiful for about everyone else. Falling oil prices will take some steam out of the inflation narrative and declines will start manifesting themselves in the inflationary data. This remains an important macro chart.
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