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Wednesday, November 23, 2022

Market Update Wed 11/23/22 -Thanksgiving Eve - Red Alert: Bad News - Incoming!

 This morning, a little after 4AM: I was watching CNBC World Wide Exchange (WWE) - on the DVR - as I normally do - and I caught wind of some bad news in the works.  

I usually only watch the teaser/ intro... just to see what (5) headlines they're pushing, but this morning something compelled me to watch for nearly a full 5 minutes... and it didn't take long for Senior Markets Correspondent Dominic Chu to let the cat out of the bag! 

Paraphrasing: I heard him report something to the effect that, "some investors are looking for a bigger downturn, than we've already seen"?

As I Alerted This Morning 

I can't imagine what they have up there sleeve in the way of manufactured bad news, which will no doubt be used to take markets down again, but this is their MO, and the charts agree.      

Whatever they have planned, just remember the images on the screen are probably only an illusion, designed to steal your money; From the flashing red banners, and (red) flashing tickers, to the made up headlines. It's mind control. 


Market Sentiment 

The Sentiment is way overly bullish, like pinned in the red bullish, at this point! 

Twitter Trolls pushing a bullish narrative 

When I got twitter trolls arguing with sound technical analysis, and trying to sell Joe Public on ridiculous bull flag patterns, I just have to shake my head. 

@AragonUK21 banished to the Twitter Wall of Shame (in the same twitter exchange)  

I haven't been on twitter as much lately, because I have a couple remodeling projects I'm working on, as I mentioned earlier in the week, but after yesterday's closing bell, I decided to take a look at the charts, and what I found there was also a little frightening!  

Now, keep in mind, I'm still only looking for a gap fill target, yet there is the greater possibility for a much bigger correction, and even a washout to new lower lows.

$SPX - the chart below remains in the public charts area. I labeled this the Morgan Stanley Chart, back when they were predicting a rally 4150. Well they were wrong, and now you see the market's so weak, it can hardly even retest the recent highs (at my black line).  

Here I am telling Morgan Stanley to "get a clue" 

Bad or Worse? 

$SPX remains in a steep down-turned triangle pattern 

I'm not going to know what to expect, until I see the downside velocity, and it may be a little hard to read, with the lower than normal volume we've been seeing, but we could see selling accelerate into the holidays, as we saw in late 2018. 

Since it's Almost Thanksgiving, here's a free sell signal, and some gap targets, in the financial sector. 


In related news 

 Credit Suisse Q4 loss before taxes could amount to as much as ~CHF 1.5B ($1.6B) seekingalpha 

Take Care, and have a happy Thanksgiving!  



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