$SPX Walked down to a psychological pullback target - the same even number target (4000), that we've been watching for the past several weeks.
The level to watch is the 200 day moving average, since that was the level which was sold....
$SPX - key support @ the 3950 level
This morning I was thinking about all the Monday morning surprises we've been seeing lately, and the same thing again yesterday. It just seems that these are sell-orders stacked, for execution at the start of the week. These aren't retail investors selling, this is something else, and timed so that the short-sellers can't get a foothold, because as everybody knows, nobody likes to get short ahead of a weekend, and especially this time of year.
You can call that "seasonality", but nearly every holiday is a golden opportunity to rig markets.
Reviewing Yesterday's Trade
Seeing a little shakeout, just below psychological support. $SPX 4000 pic.twitter.com/t0AMtf3BIA
— Veteran Market Timer (@3Xtraders) December 5, 2022
This morning, market futures are higher, as expected
I'll bet you a nickle, market futures are back above 4000, before tomorrow's opening bellhttps://t.co/RRb2TBaxm9
— Veteran Market Timer (@3Xtraders) December 5, 2022
Here's some interesting analysis, from the overly bearish camp; the same level on the US Dollar, that I was pointing to in yesterday morning's update.
The U.S. Dollar has retested a massive 5-year congestion area with substantial support under the market. Those who own stocks betting on a weak $USDX $DX_F might be disappointed pic.twitter.com/fCMeElLk8H
— Peter Brandt (@PeterLBrandt) December 5, 2022
My response
Right, @ 104.50; the level I alerted to in this mornings update
— Veteran Market Timer (@3Xtraders) December 5, 2022
You can identify the overly bearish camp, by the 700 likes on that first Tweet.
This is what perma-bears like; they prefer overly bearish predictions, to sound analysis.
Wasn't that a bearish reversal?
If you were following my twitter feed closely, yesterday, then you already know, I pretty-much shot down the above analysis, simply by pulling up a short term DXY chart - seen below.
It's a little early to be calling a bullish reversal on the #DXY pic.twitter.com/iqOOB1FgoK
— Veteran Market Timer (@3Xtraders) December 5, 2022
Natural Gas was also taken to the cleaners, and I've seen that trade coming for a long time.
Ultra (2X) Nat Gas Bear $KOLD up another 20%
I already took profits on that trade, and wasn't fool enough to try to swing trade it, this time.
No doubt the powers that be, want the sheep focused on holiday spending, not worrying about their next heating bill.
For that reason alone, Natural Gas can trade to $3, as I tweeted last week.
#NatGas is going to $9 first, or $3...? pic.twitter.com/OIZFMkOrUQ
— Veteran Market Timer (@3Xtraders) November 23, 2022
Speaking of lower inflation
Inflation close to peak, chief economist - at the ECB - says Reuters
Speaking of rigged outcomes, watch for the Georgia Senate race to be stolen today. We expect this, at this point, and I can see no other reason, that Bloomberg News would be so highly focused on it!
And it's not only US Elections being rigged. Look at what they did to Boris Johnson, and the Brazilian President!
COP27: Brazil is back on the world stage, Lula tells climate summit
The globalists are winning again, and global markets likes that!
Trust the Charts
The charts continue to work, and if Canada isn't selling off, and China isn't selling off, and Energy isn't selling off, then the rest of the market can continue to tread water, right into the next rigged, Options Expiration Date - only 2 weeks away - Dec. 16th.
I think no market is more rigged than Canada's, but the #SHTF shortly, regardless... pic.twitter.com/LTQamUWHUl
— Veteran Market Timer (@3Xtraders) December 5, 2022
According to that short term view on the $TSX/Canada, Energy and mining stocks are set to hold up, into the end of the year.
Oil - expect Brent Crude to hold support, and rally back to the 50 day ma.
Take Care, AA
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