Notice how QQQ was rejected at 301 - bulls will need to reclaim

CHK 

ES Supply at 4073-4095

EQT  (NatGas producer) 

On a positive note, the price of fertilizer has fallen over 20 percent 

Now we can look forward to the FED actually starting to reduce their balance sheet next month.  Get your popcorn ready. 

DBC - Chart Link-

QQQ - Chart Link- I talk about this all the time and it's more visually subjective than it is quantitative. When those MA ribbons get too expanded like they were, once you get a decent bounce - that has to be worked off. on the QQQ even with today's rally notice that ribbon isn't doing much, it's still very wide - which implies to me that it will take some upward movement to work that off -implies to me that we are not going back to to the lows that soon

HYG - Chart Link- HYG daily chart - look how wide those ribbons were early last week, and look at the resulting rally. Finally that 'wideness' was worked off. 

again when the ribbons get wide like that, it's not something I can exactly quantify like an equation - it's just something you visually see, more subjective but still very useful even with the subjectiveness  

well as you may know my conviction was that we put in a trade low last Thursday with those black candle doji candles and discussed that on the weekend along with supporting evidence from a variety of things. 

In last night's newsletter I was quite bullish and we've had a strong really today. Short term the  SPX pulled back near resistance 4070 - 4090, if we can clear that it opens up the door to the next levels (level to level trading/analysis) of 4150 - 4250. We broke a symmetry today - this rally is the largest rally since the late March highs so there is higher odds now that a pullback forms a higher low. If you are long it's up to you to either stay long, or take some profits and look to buy again at a higher low. And also react depending on what price does at this resistance zone

So, does this rally have legs?

you can see this morning when price took out that 4019 TICK from May 16th there was free air up to the next set of TICK spikes at 4068-4070 where price has stalled at for now. Above that the next TICK spike doesn't occur until 4115 from May 2nd

The trend was so strong - didn't even have that lunch time pullback. Now showing some lack of momentum to follow through higher - can't really argue after a 2% up day.

XLF - Chart Link- big move through that resistance area

IWM - Chart Link-nice move from the higher low, note symmetry target

RLGY - Chart Link-

CTRN - Chart Link-

COUR - Chart Link-

UDMY - Chart Link-

DLO - Chart Link-

TSLA - Chart Link- TSLA has a great move out of that wedge - stalled at the 50 EMA

Click on the chart as I added Fibs 

$SPX - Chart Link

Hard for the consumer to have much disposable income after paying for staples - energy remains a major thorn with supply side issues. 

QQQ - Chart Link - nearing 20 day MA 

QQQ - Chart Link - trendline just above