First off, I got booted off Twitter again, this time for calling the covid-19 power grab, a "hoax", and the vaccine as ineffective ("doesn't work"). And I stand by those statements, and if you'd like to hear more about that, I've written a separate blog... BOOTED OFF TWITTER AGAIN
The market rally continues:
$DJUSTC (TECH) (weekly view) - why does it take several weeks for tech stocks to build a base, before finally breaking out to new recent highs? My best guess is that the algorithms weren't finished buying July Calls, ahead of the run up.
As I pointed out in several previous updates, the market manipulators had to wait for low volume (summer trading) in order to hammer the $VIX down, and drive the market higher just in time for July Options Expiration. This is where the big money is made, manipulating options markets.
Friday's Action
We saw the same thing again on Friday (weekly Options expiration).
$VIX - hammered down again on a Friday (weekly Options Expiration).
All you need to know about last weeks market action can be summed up in the tweet (s) below
$VIX actually bounced out of the hole. I was away this afternoon pic.twitter.com/4uad9y9zhS
— Veteran Market Timer (@3Xtraders) July 22, 2022
So, as you can see, on the chart above; the $VIX continues to be hammered down, by the market engineers.
We saw a little pullback on Friday, which I predicted, but the $VIX was obviously hammered down in order to keep the market from cratering.
This morning we see futures up. This is no surprise, but keep an eye on the $VIX, as well as obvious support on the $SPX, at the 2950 level.
$SPX closes above support pic.twitter.com/AyGzCFm2K5
— Veteran Market Timer (@3Xtraders) July 22, 2022
Thursday's call on $SOX using the $SOXS chart:
$SOXS may get a bounce here but I think this $SOX rally has legs. Too bad there isn't s $VIX for the $SOX.
Friday: #SOXS up almost 8%
Could we see a continued pullback? Yes, I think back to the 3800 level, and a breakout of the pattern on the above $VIX chart will confirm it.
We saw gold and precious metals bounce out of the hole last week, but Gold miners continue to be sold short, as we saw on Friday's pullback.
It looks like the gold bears continue to pile into DUST.
Miners actually closed lower for the week, so can't confirm a reversal there, yet...
The $GDXJ was sold at the 20 day moving average, so that's bearish, or that could be a bullish contrarian indicator, depending how you look at it.
Bitcoin looks like it wants to pull back, and that lends weight to a scenario where we see a continued pullback in the broader market, and tech.
So sorry, #Bitcoin holder pic.twitter.com/CF3TbBqOlt
— Veteran Market Timer (@3Xtraders) July 22, 2022
The above tweet is a good example of how an army of bots can be used with along with AI, to manipulate an entire market. Also explains how some of the worst advice on the internet, seems to get the most traction. The worst charts, get 50 likes, and I could do the same, using bots... and maybe I should!
I'm really short on time this morning, but one final chart!
$SOX - This chart was last updated 3/19/22. This month we saw it take out the July target.
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