I thought there was no trading this New Years Eve, Friday, but apparently I got the dates screwed up? Anyhow, my prediction was that the bulls would not win on this weekly OPEX, after pumping the $SPX to another only slightly higher high, to yet another round number target (4800).
As I said on Wed: "Many brokerage houses have already closed their books for 2021, so window dressing can come down, and the bulls have failed to buy protection..."
Yesterday, we saw sell orders, going into the close, and although I was away from my desk, I did alert to a little breakout on the $VIX, and you can see for yourself where the $VIX gapped above the 50X moving average, on a 5 min. chart. I think it's pretty obvious that gap up was planned.
$VIX breakout on the 5 min. view. pic.twitter.com/FMB94ArpXk
— Veteran Market Timer (@3Xtraders) December 30, 2021
I haven't had time this morning to see what exactly was sold, but a quick look at the top decliners point to Semiconductors, a couple energy stocks, and of course Biogen, after Samsung denied reports that they wanted to buy Biogen.
Just for fun, let's pull up the Biogen chart!
$BIIB (biogen) - technical bounce, later fueled by a false rumor. Rigged
$SOX - breaks support - this is only 1 of a dozen or so $SOX charts I have working. I think there are a couple more, located in the public charts area, as well, but I don't usually give away my best charts, free. If you'd like alerts to live trades, let me know.... and maybe I'll start a pay service.
We also saw a reversal in Big tech, and if stocks can't even rally to new highs, but the fake news is reporting that stocks are trading at all time highs, I'd be running in the other direction.
$NDX - this chart is located in the public charts area. Support broke at the pink line. If you don't understand the charts, review the chart legend located on "legend" tab, near the top of this page.
I'd expect a pretty slow day today, as many traders remain on holiday, and more sell orders, going into the close.
New money get's put to work on Monday, so even if we see a massive sell-off, you won't want to be short, going into next week.
Take Care, AA
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