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Thursday, July 25, 2019

Market Update 7/25 - Oops I Did It Again

You would think, "The Powers That Be", are watching, and trading my charts, but most pro traders are seeing the same thing, and that's one of the reason the charts work. The other reason the charts work is, "I'm just that good"!

If you look back at Saturday's blog, you'll see not only called the bottom, but also called for a powerful snap-back rally, and here we are. So, now what?

The $SPX broke out a little higher than my upside target - breaking out to a a new recent high -  but I'm not sure the breakout is going to continue much longer.

Yesterday's action was very odd, and things look a little sketchy here:

 1 Oil pulled back, at resistance.  Easiest trade in the world, if you were watching the $USO chart, in the public charts area. This morning we see it bouncing back a little. That trade is off the table for a while, I think. I wouldn't expect this rally to last more than a few days.

2. The DOW was down 50 points. You could say, "Boeing was dragging on the DOW", but support broke. See the updated 30 min chart in the PC area.

3. We finally got our breakout out on the $RUT. Cha-Ching!

4.  Short Squeeze in $SOX. This was definitely planned ahead of time (rigged). I could show you where the bid was raised above resistance - at the open - but then I'd have to kill you. 

5. A new recent low for the $VIX.

Watch the 3017.80 level on the $SPX. That was the previous high, and may have been taken out, just in order to squeeze the retail short sellers out.  We closed just above that level. And watch the $VIX like a hawk, for any sign of fear in the market. Hopefully I'll have a better idea of market direction, shortly. 

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