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Wednesday, May 24, 2023

Market Update, plus a Super Bullish Chart Added to the Public Charts Area

Yesterday's Market Action

Yesterday was the weirdest trading day we've seen in a while. Weird things happen on low volume, so we can probably expect more of the same (unpredictability) next week.  

First, the market opened with Energy leading, and big tech down; something we haven't seen in weeks. CNBC is calling it the biggest down day on the Nasdaq in a month, which isn't saying much. 

$VIX = fear 

The market action was slow as can be, until the $VIX broke out above the 18 level, and oil rolled over, and from there the $SPX started to break some short term support levels. 

This was my take read on the market - summed up in a tweet - a few minutes later.  

Obvious bear raid 

There really wasn't any news to speak of, but after the closing bell CNBC Fast Money pointed to a new covid variant in China. I can tell you that there is a new variant, but it's not breaking news. 

2 days ago - 

China approves two vaccines against XBB COVID-19 variant: expert

Fake news that went unreported: 

The big story on Bloomberg Asia last night was that China has given back all the gains of 2023. That's not much of a surprise, since China has been selling off for several weeks/ months, but all of a sudden it's newsworthy? Not sure what relevance this has except to make a headline that sounds bearish. 

Remember they tried to pull the same PsyOp on the Dow - when it was trading near the lows for the year, when the rally actually started back in Oct. 

Smells like more BS reporting to me, but sure enough Asia was down again overnight. 

I haven't updated the China charts for a while, so I have some work to do, but I can tell you that we just saw a shakeout below the 200 day moving average on the $HSI, and that's going to be the level to watch.  

One thing I discovered after yesterday's closing bell, was that $YUM was taken down 2 days ago, before any news broke, so once again it looks like a fake news narrative being used as an excuse to take a market down. 

This morning Europe is down again, on a stronger than expected CPI (inflation number). Could be the banksters knew enough to start taking profits before this number was released to the public. 

This morning the lame stream media is obsessed with the Desantis story, and only the criminally insane leftist media would give a shit... 

The lame stream media decides what is news, and what isn't. 

They seem to think the debt ceiling is something investors need to worry about, but we've seen this story before... I think the only thing missing this time is the live images of the national debt clock, but maybe they're saving that for next week. 

This is crazy world, it's only going to get worse, when AI starts writing the script, assuming that isn't already happening. 

Same thing goes for social media... it's beyond unhelpful, it's becoming more of an annoyance, than anything else, although I did find the AI generated image story on Twitter. 

It's just getting harder and harder to disseminate reality from fiction. 

For example: Why is #MarketCrash trending in my (suggested for me) search area, when it seems like all I do is constantly debunk this kind of nonsense? Apparently the AI is so dumb, that it can't  distinguish what you love from what you hate. 

Fake Social Media 

I think I don't have to tell anyone that there isn't a stock market crash, but disinformation is a constant irritant. I have some ideas on how to remedy the situation, but I'm still working on it.  

I have to be tuned in to what's going on in the world, and even into what the current false narrative is, but I also have to be able to tune out 90% of it. 

Bullish Chart Added To The Public Charts Area 

$NYA (NYSE - New York Stock Exchange - Composite Index) I chose this chart for a couple reasons: 1. I'm not giving away any free targets, because most traders only watch the $SPX, and trade the $SPY. Granted there are $NYSE ETFs but no leveraged funds that I'm aware of. 2. This is a better representation of the broader market than the eternally rigged $SPX. 3. This at least tells you where the market is generally going over the next few months. 

Good luck, 


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