Weekly Market Overview August 22, 2021

Today we cover NASDAQ, Bonds, Gold, Silver and Bitcoin. While nearly everything is sitting in a neutral zone we need to be aware that bad news and good news will flash the markets in both directions but when we zoom out we can see that not much is really happening. 

For the time being, patience is important, and be positioned correctly so that when we break out of this. neutral zone, we have all of our limbs and can participate effectively. 

I want to reiterate that prices for the Trading Lab will be going up to $397 per month for everyone who joins after September 1st, 2021. 

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For those of you who don't have the time, or interest, in spending all day with Slack open and watching livestreams, but do want access to our trade signals we will send emails out on new trade alerts. 

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Now let's get to the markets....

NASDAQ $NQ (Futures)

On Friday we added to our long $NQ position at 14,999.25 making it 7 total purchases of this long campaign. 

$NQ tested the midline of the neutral zone at 14789.50, getting below it on Thursday only to rocket higher, giving us a low risk opportunity to add to the position. 

The neutral zone is 14019.25 on the low end, and 15134 on the top end for the month. 

A close above 15,134 on the daily will signal the bullish breakout is again underway, until then we wait and add to our positions when the best looking sell setups in the world....fail. 

Taking a step further out, the monthly $NQ has signaled a bullish breakout closing the monthly candle above 14861.75 in July. That means any pullbacks will be bought until a monthly close below 6628.75. That's how bullish this market is, and that is what it'd take to wipe out all of the gains since the COVID bottom. And even then, it'd get bought. 

30 Year T-Bonds $ZB (Futures)

I've been getting a lot of requests for my thoughts on $ZB 30 Year US T-Bond Futures. 

Support came in around the 155'05 level and was confirmed by closing above the May high in June. 

The 2021 neutral zone for $ZB is 155'05 on the low end and 191'22 on the high end with a likely resting place at 173'14 in the middle, which is where we broke down from in January. 

Silver $SI (Futures)

Has confirmed a bearish breakout, on Friday, closing below 23.035 at 22.970, look to sell the pullback from here. 

Gold $GC (Futures)

Gold is in the neutral zone and does not suggest anything interesting at the moment. 

Bitcoin

Bitcoin has signaled a bullish breakout and has been spending the entire weekend getting held between 48000 and about 49500. 

It looks like clear manipulation to me. Likely there is a big order that needs to be filled before breaking $50k, but that's pure speculation on my part. Talking to the OTC desks and other fund managers, they say the same thing. This is similar price action that I've seen before some big company announces that they bought millions or billions. Again that's just speculation on my part. 

Of all the assets I trade, Bitcoin and Ethereum are the only two that are in bullish breakouts.

Silver is the only asset that I trade that is in a bearish breakout. 

Everything else is neutral, which is quite similar to every August I've traded since 1999. Summer doldrums.