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Friday, March 3, 2023

Market Update Friday 3/3/2023 - Warning Black Friday Possible

 3/3/2023 - 3 + 3 + 2 + 0 + 2 + 3 = 13 

Looks like a good day for a Black Friday, as rare as those are. We are seeing some turmoil in crypto markets, this morning, and there is the possibility that 

, that spills over into the broader market, and especially the technology sector, as we've seen in the past. 

Pre-market looks a little spooky: 

We also see the $SPX approching the 4000 level again, as it remains trapped, between the 50, and 200 day, moving averages. 

If you recall, I was bearish Crypto going into the end of Feb. and that doesn't change, just because it continues to hold up.... 

Several other sectors also continue to hold up on this Friday, including energy, but is the retail investor being sucked into the energy trade again, when they should be investing in tech stocks?  

Looks like Energy has been consolidating in a bull flag, for several weeks now, as I tried to warn investors yesterday. 

Gold, Silver, and miners, also continues to hold up, so it looks like whatever has been rallying, is continuing to rally into this weekly Options expiration date. 

$VIX - once again looks oversold to me, and that points to complacency, but it also looks like the Fed is about to pivot on any further interest rate hikes. 

Fed Pivot

I'm seeing this on the treasury charts, which is funny, because I was just pointing to that market in yesterday's update, and then I found this contrarian indicator on Twitter.

Back to the Crypto dump we're seeing 

Could be that the bulls are raising some much needed cash, ahead of a fed pivot, and the spring rally, I've been predicting -

For my short term forecast see: China's Bullish Reversal, and A Bold Call on the $SPX

Also see my call yesterday, for a rally in tech stocks, predicted ahead of yesterday's (buy the) dip. 

Also see INTEL (INTC) up 3.43% yesterday, after I called it out, in yesterday's update. #BOOM! 

$INTC "" 

Trading remains pretty good, as long as you can stay on the right side of the trade, and do a little stock picking. 

Take Care, AA 

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