Bigger Picture

The reaction to the pre-open Employment Situation report was substantial. As an example, Dow futures spiked up 100 points! Oh, they were down more than 100 points when the news was announced. NDX and Russell futures turned positive. Momentarily. They”re improving post-open.

This being a Friday, the opening hour”s bias can be extrapolated out to the entire session — at least, to eliminate some outcomes. Trending up through today”s open might not herald a day-long rally, but it could still marginalize sellers. By the same token, not rallying through the first hour would leave the door wide open below.

Precious Metals (silver and gold) have pulled back this week to very important prices in my work. Several stock charts that we”ll review in today”s Livedesk are GDX, SIL and PSAU.

I”ll add my post-open observations to this thread in the Activity Feed…

Enjoy!

Livedesk Unlimited began with an assessment of the broader market”s current situation, and then applied that to timing the challenges and opportunities for MJ stocks. Issues covered were: CBDS, TURV, ENRT, GBLX, TAUG, ATTBF, AGTK, VAPE, MCIG and MJMD (GWPH and SPRWD were covered toward the end of the event). Individual requests for chart analyses were discussed, and the entire recording can be accessed below:
http://new.livestream.com/accounts/7617211/events/2865745

Meanwhile, overnight action in index futures is indicating a sharply lower open today. The monthly Employment Situation report will be released before then, and I”ll update again before the open.

REMINDER: This week”s post-close Livedesk Unlimited is at 6:00pm ET. You”ll get another reminder just before it begins. We”ll review a lot of MJ sector charts, and identify prices that could catch “Falling Knives,” as well as higher levels whose recovery would signal trends already reversing up. Bring your stock chart analysis requests, of which I”m sure there will be many!

Futures have fallen hard overnight. S&Ps are back to levels that have launched rallies twice before over the past several weeks. NDX futures are relatively higher. Gapping down is unavoidable. Rallying without any delay would be credible for extending higher through the morning — in other words, the market probably won”t delay extending the decline if the decline will extend at all.

And already, the open has slid to fresh lows.

This pressure on MJ stocks might create buying opportunities, but it meanwhile demands patience. I”ll add specific post-open observations to this post”s thread in the Activity Feed.

It”s only a matter of time until this red-hot market begins to cool off. This reversal will create one of the greatest market opportunities of the current decade.

In this webinar, I share with you the three ways to trade a “New Market Correction.” In addition, you”ll learn…

• How technicals act before price reversals (RSI, MACD, Volume)

• The right and wrong measurements of a top”s pattern (Fibonaccis)

• Differentiating between noise and distribution

• How many is too many swings