To wrap up last week: Friday, we saw the controllers drive the $VIX back below 20, in order to rig, yet another weekly Options Expiration, and in hindsight, what's really brilliant about this sub 20 $VIX target, is that they are now able to engineer a pullback by simply driving the $VIX back above that magic 20 number, just as we saw them do on Thursday.
This Week:
The market should continue to hold up into August Options Expiration, this Friday, and the obvious target on the $SPX is the 200 day moving average.
$INDU - looking at the Dow getting ready to test my wave D target as predicted weeks ago.
$SPX target tweeted after Friday's close:
$SPX #stockcharts update pic.twitter.com/9MzhNGOMNK
— Veteran Market Timer (@3Xtraders) August 12, 2022
$SPX - weekly view - we could even see the 50 week moving average back-tested around the 4350 level, or even 4400, depending on how long it takes to top out.
Sept is a window dressing month, so money managers are going to be forced to chase performance. JP Morgan is already telling investors, "this rally has legs", so the fix is in!
JPMorgan Says the Stock Rally Has Legs bloomberg
From there (once we find the top) we should see what looks like a panic wave E (see the above DOW chart), take out the June low, and from there stocks can rally into the Nov. Midterm Elections in order to help the ruling party in November, and even hold up into the end of the year.
Take Care, AA
No comments:
Post a Comment