I'm short on sleep today, and have a lot of charting to get caught on, after the opening bell, so I have to try to keep this short.
As I stated in Wednesdays update:
"Bottoming is a process", which can't be rushed.
I'm sure most my readers would like to believe that yesterday's rally was just the beginning of a more sustainable rally, but when I see the DOW, the S&P, and the NASDAQ, driven above , otherwise meaningless, round number targets - (#DOW30k, 3700, 11k) - and this, trading into yet another short squeeze Friday, I have my doubts.
There are other things I didn't like about yesterday's rally, including the fact that the most beaten down sectors didn't lead.... energy did.
Nevertheless, after yesterday mornings little shakeout - on a negative $VIX, I might add - the $SPX is trading back above key support (3588.11).
This morning
Looks like we're poised to to fill the gap on the $SPX that was left behind last week
Next real resistance looks like 3812ish
In Hindsight:
1. "Only trust the $VIX...", not the red banners your seeing on the TV.
Market is very dull. $VIX down. #NoFear except in bond markets I guess. I remain a buyer of the dip in bonds, as long as clown market continues.
— Veteran Market Timer (@3Xtraders) October 13, 2022
2. Recognize your breakout points
#Stocks finally breakout above 3600 on the $SPX 🥱
— Veteran Market Timer (@3Xtraders) October 13, 2022
I have a lot more to touch on, but I'm out of time, after getting bogged down in the creation of a new landing page for the weekly news letter. Be sure to sign up!
You can review my play by play, in yesterday's twitter timeline, for more insight.
Take Care, AA
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