Wednesday, January 19, 2022

Market Update 1/19/22 - Gap Fill Target Met - NASDAQ. Short term outlook on Oil

Watching the financial fake news, you would think there's a devastating market correction in progress, but yesterday mornings 1 day shakeout aside, it looks more like a double bottom, and I suspect we're building a base, ahead of Jan. Options Expiration. The $VIX agrees, as it continues to make lower highs. Perhaps money managers are becoming accustomed to these Monday morning surprises? In other words, you don't see them rushing to by ($VIX) protection, and this all points to another nothing-burger, as I've been saying for the past several days/ weeks.

NASDAQ - gap fill target met. OPEX target is a retest of the broken channel line (in black).

We did see a little shakeout below the 200 day, and that proves that whoever took down the market on Tuesday, knew exactly where to pull the rug out, but I still can't help but wonder who is selling on - what seems like - the first trading day of every week? Could be fund redemption, or selling that was put off until 2022, do to tax purposes?

NASDAQ tests the 50 week moving average. Trend remains higher, and we're probably looking at another all time high, before we see anything resembling a normal correction.

So the selling has not been very dramatic, no matter how hard CNBC tries to convince us, otherwise.

We did see Russia taken down in a big way, something the lame stream media didn't report. But wait! Shouldn't higher oil prices be good for Russia?!

$RUSL - Russia 2X Leveraged Bull Down -15%! I like it here!

The whole - fake news - thing reminds me of the recent reporting on the recent Tonga eruption; depending on the source; Tonga was either "spared serious damage", and loss of life, or it was "utterly obliterated".

e.g.

Dramatic photos show horrific aftermath of massive Tonga eruption and tsunami (livescience)

Despite violent volcano blast, Tonga appears spared from widespread disaster - (latimes)

But wait there's more!

The pandemic appears to have spared Africa so far. Scientists are struggling to explain why science.org

Dow drops 540 points, Nasdaq falls 2.6% as 10-year yield rises to 2-year high (CNBC)

I also heard it being reported that Oil is trading a 7 year highs? I think I know how this story ends.

$WTI Crude Oil - looks like a double top, or a retest of the recent highs - st bearish

Basically it seems like the main stream media makes up whatever story they believe will get the most attention, but it's getting hard to even watch anymore.

Watch the charts, AA

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