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Thursday, October 27, 2022

Market Update 10/27/2022 - $SPX Tests the 50 Day Moving Average

 I've only allowed myself and hour to write this mornings update, so I have to try to keep this short. 

Tueday, the $SPX took out my upside target of 3850 as I reiterated in yesterday's update. 

Yesterday, the $SPX ran a little further, taking out the 50 day moving average, which was then sold around noon. That was no surprise.   

The market looks toppy on several chart views I'm watching, and I can't confirm a trend reversal, so I'd remain cautious. 

Things to watch: 

1. META (FaceBook) is set to washout to a new recent low, at the open, but does this price in all the bad news? I'd add this one to your ticker lineup, because $META is the canary in the coalmine, so to speak. 

I suggest charting it using a 15 min chart view, if you're looking for a buy target. I'm sure I'll have no trouble finding the target, but it's going to cost you $20. 

Speaking of prices, I went shopping at my local neighborhood Mariano's (which is now owned by Kroger - and I was absolutely in shock at the prices I'm seeing! 

Looks like I got this one right, back in April! 

$KR - Kroger 

2. $INDU  (the DOW) trades into a bearish pattern 

I actually spotted this H&S pattern, looking at the dow on my mobile app, but couldn't confirm it until I charted it, after the closing bell. 

Now the bears will probably get all excited over this bearish pattern, because the believe were in a bear market, but will you know what to do, when the price action breaks out above the right shoulder? Food for thought. 

Only 1 like on that chart, which was probably the best chart of the day. Makes me think, I've blocked 90% of the perma-bears who used to follow me, which is probably a good thing. I don't need bearish memes, or chatter, throwing me off. It's all about trusting the charts, not emotion. 

3. Canada - Yes Canada! Did you see the BOC pivot? I watch the $TSX 

4. Australia - Sold at the 50 day ma, like everything else.... 

The Catalyst for The destruction of Australia could either be retaliation from Russia, or the ongoing collapse of the climate. 

Antarctica’s Collapse Could Begin Even Sooner Than Anticipated

Could, may might? 

Australian defence force troops to train Ukrainian soldiers in the UK 

5. China! 


And finally Energy

I think unless, or until, we see energy - as well as most other so called safety trades - collapse, then we aren't going to see beaten down sectors lead... 

7. The $VIX - found support at the 50 day Moving Average. 

That's bound to trigger more selling....   

Take Care, AA 


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