$QQQ $SPY $USO $VIX $GLD $SLV Momentum Shifting Signals | Midday Market Minute | 5.12.22

Posted: May 12, 2022, 5:53 p.m.

The Selloff continues for Stocks continues this week. 4010 has given way in the S&P, joining large companies like $AAPL breaking well established up trendlines. The Nasdaq has retraced 50% from the Covid lows to the contract highs.

Check out our video on Fibonacci Retracements!

3 Pronged Approach:

-Carnage in Retail Stocks is Apparent ($SFIX, $PRON). High fliers like $NFLX, as well as Disruption Stocks such as $COIN are down significantly.

-Negative Sentiment is at extreme levels. With that said, has the Market hurt the most amount of people? -$VIX has not had the panic spike, yet do we really need one?

Our Daily Morning Express Research gives insight into this scenario! 

-The VIX Hedges are not performing like they were in 2016. Crude Oil continues to hold Support ($102.50-$104.50). The ~$107 range is Major 3 Star Resistance, which needs to be broken through to get to $111.

Silver has broken the floor we have been leaning on for the past 2 years. The US Dollar continues to make contract highs, which is hurting the Silver and Gold Bulls.

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