Seeing market futures back to normal this morning, after yet another Monday morning surprise.
Reviewing yesterday's action: Several markets, including natural Gas, were driven up to the 200 day moving average, and sold.
This was the first thing I noticed at the open, and if you follow me closely on Twitter, you saw like half a dozen charts showing that, including this one!
Russell 2000 ETF
Russell also rallies to the 50 day ma 🙄#CNBC knows who's behind this pic.twitter.com/d24WMsBdRx
— Veteran Market Timer (@3Xtraders) July 18, 2022
I happened to catch CNBC's fast money halftime report, and it soon became obvious, they were pushing another false narrative, as they reported that "the NASDAQ does something that is hasn't done since (whenever/ pick a date)... breaking out above the 50 day moving average", and of course, all the guests happened to be long the NASDAQ. You can't make this shit up!
This isn't the first time in recent memory that the NASDAQ has tested the 50 day. In Fact the last time.... was just 7 trading days ago!
2. The $VIX was higher, as the market opened - red flag.
3. The NASDAQ was sold as the 50 day moving average broke, proving the bearish prediction I made over the weekend, was the correct one.
I did tweet on Friday, that this rally "may have legs", and at least 1 contrarian indicator liked that tweet, but in no way can anyone confirm a bullish reversal.
These Fast Money clowns no doubt sold as soon as their midday show was over, or the 50 day ma, broke, so you decide if they were actually short the whole time, or just trying to manipulate the NASDAQ? I'll leave that up to you, to decide.
Joey bag-a-donuts Terranova
Final thoughts on the NASDAQ and tech
In case you missed my weekend wrap up, which included a comprehensive Gold update:
Weekly Market wrap-up 7/16/22 SPY, China, Natural Gas, Energy, Financials, Gold Miners, $VIX
Have we seen the bottom in Gold? Go re-read the 2 most recent updates...
Market Update 7/15/22 Currency Collapse Likely? Red Flags! Gold the next safety trade?
Weekly Market wrap-up 7/16/22 SPY, China, Natural Gas, Energy, Financials, Gold Miners, $VIX
That's all I got for now.
Good Luck, AA
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