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Monday, October 17, 2022

Market Update - the Weekly Wrap-up, and a Look Ahead

 I liked the way the market pulled back on Friday; looks like, yet another, bullish, setup.

What I find uncanny is how the market has continues to consolidate precisely around the same psychological target that I pointed out, last week - $SPX 3595. Even after Thursday's little shakeout, the market continued to gravitate to that level!   

If we happen to see more consolidation (lower), this week, then look for more support at the 3570 level, although it's already looking like we may be off to the races on this Monday Morning. 

 I drew this chart in about 2 min. using a screenshot - from yahoo - and a pencil. Simply drew a support line from the low we saw in early Oct.  

This Chart Update From My Public Charts Area 

That Wilshire 5000 chart isn't helping anyone find broader market targets, and that's the whole point.... I've had too many people plagiarize my work, over the years, and profit from it. I've even seen my personal profile description plagiarized, in an attempt to help sell memberships.   

Let these fakers figure out - on their own - where the market is going over the next several months. I have a very good idea where it's going... but not giving away free targets to con artists, and grifters.

 To correct a couple mistakes 

I needed to correct a few errors in Friday mornings update, so I responded to the pinned alert to Friday's update, located in my twitter view.    


Fake News 

Even after Friday's bullish close, we continued to see lot's of bearish headlines, being used to lead the sheep astray. 

Time Magazine - A meme of what looks like a Millennial, or Gen-z er, hyperventilating into a paper bag, with a dollar sign on it. These are sick people! 

They - the deceptive financial fake news - always like to tap into people like Dr. Doom, and even report stories about Ebola outbreaks. and the threat of a North Korean missile strike . This goes far beyond what I would call bearishness. It's downright laughable, but I watched them pull the same thing, back in '08; same fake headlines.   

But wait, isn't there a current outbreak of Ebola? 

Oh, yeah, and it's spreading... just google it!  

Scientists race to test vaccines for Uganda's Ebola Outbreak Sept., 29th, 2022  

Back To Reality 

Look, if the economy was actually headed for a recession, then the market wouldn't have much trouble selling off. All this fake news was used in order to achieve a pullback to some arbitrary technical target. 

Of course, as soon as they achieved their engineered pullback target - to the $SPX 3500 level, then the news cycle changes. It's like night and day; not that anything has changed. 

The follows who continue to ask me for catalysts.... must actually believe the headlines!  

Airlines continue to rally as predicted 

Regardless of high fuel prices; and talk of a recession; Airlines continued to breakout on Friday 


Oil Energy and Australia 

I noticed Oil is trading in a range, between the 50 week, and 20 week - moving averages 

3 Options:

1. Oil continues to consolidate in a range 

2. Oil breaks out

3. Oil breaks support 

Funny, I finally got conformation, this weekend, that the energy sector, is exactly what continues to hold the entire Australian economy up, but I have little doubt that a crash is on the way, as I've been predicting for months. There will be winners and losers in the new economic - New World Order. 

Real News 

Australian stock market news: miners, gold and energy shares fall


Chinese Golden Dragon - If you're looking for real downside momentum, you don't have to look very far. As I've been saying for weeks, China is the real catalyst for the sell-off in tech. Protectionist policy!  

I'm still quite amazed that the lame stream media continues to report more about the National Congress  of the Chinese Communist Party, than the economic warfare being waged, by the Biden administration, as well as the UK. 

Live Updates: Xi Warns of ‘Dangerous Storms’ Facing China nytimes 

Meanwhile: When you hear Biden talk about the US leading a "New World Order", then it should ring a bell, because he's delivering exactly the same message as read by puppet leader George Bush, in 1990.  Everything else is smoke and mirrors. 

Biden - on the new world order 

George H.W. Bush describes the New World Order in his address to the US Congress on the Crisis in the Persian Gulf.  CSPAN 

Architects of Globalism: Building a New World Order During World War II by Patrick Hearden 

Take Care, AA 

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