Taking a Closer Look At Yesterday's Bullish Reversal
If you've been following along over the past couple weeks, you know I've been anticipating a pullback to a higher recent low, and over the past few days, I've even told you how to find it.
If you've been following me on Twitter, then you even got a rare $VIX target/level to watch, and this was actually the key to finding yesterday's bullish reversal.
As I watched the $VIX tumble off that level, I even put out an alert, in real time.
$VIX seen tumbling
— Veteran Market Timer (@3Xtraders) September 1, 2022
The Bottom?
So, I called a bottom, but is this the bottom, a sustainable, and tradeable bottom? Could be, but I wouldn't be surprised to see a retest, and I really like to see more enthusiasm... in the form of a better looking bullish hammer, or even more of a stand off, in the form of a doji reversal candle.
The Jobs Report
This mornings jobs report might be a good catalyst for a retest, followed by a short squeeze, ahead of the long holiday weekend.
Folks who don't support the cause, don't deserve accurate $SPX targets, but just continue to watch the levels I threw out there - for the DOW - yesterday.
Looks like rally time to me. I know there are some hedgies who would like to fill the gap left behind in July (@ 30.6 on the Dow), but I don't see the Dow breaking below 31.2k. Also check that financial chart from yesterday's blog pic.twitter.com/qwIWDopRra
— Veteran Market Timer (@3Xtraders) September 1, 2022
Energy
This looks like a bottom in Oil and Energy, and I took profits in the rigged energy trade yesterday. I say "rigged...", because the leveraged ETF's are obviously being used to manipulate these markets, just as surely as they use these funds to manipulate $SOX, and everything else. It makes my job, a lot more difficult than it should be, but whatever works...
3X #Oil drillers $DRIP trends lower pic.twitter.com/dRfWmoachk
— Veteran Market Timer (@3Xtraders) September 1, 2022
If you need accurate targets on tech, or energy, or even precious metals, I have everything you need. Make me an offer, and we'll talk, and while we're on the subject, I'm removing the gold page/ tab.
No more free targets on Gold, or Silver. These are just too valuable to be giving away, for nothing.
Take Care, AA
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