The $SPX managed to close above the 4400 level, as expected....
Looks like #Stocks are going to remain pinned for the rest of the day. Points to some big players manipulating the options markets. #OPEX #Friday
— Veteran Market Timer (@3Xtraders) June 16, 2023
We saw a sharp reversal at the open, as soon as the bulls tried to spike the ball higher, but through manipulation of the $VIX the manipulators managed to keep the $SPX from closing below the magic number. These are not amateurs manipulating the options market. I suspect several hedge funds are behind it, and perhaps even the big banks.
Also notice how Japan, and even Germany, managed to hold on to their gains. Even the Australian market was driven above the 50 day moving average, in a highly coordinated effort... and no sooner than the lame stream media began reporting this as a "global AI boom".
The next few weeks are expected to be slow, as traders go on holiday, and short covering concludes - as one would expect - ahead of the summer.
Of course the lame stream media doesn't report the fact that short covering is responsible for much of the buying we've seen over the past several months. Instead they report all sorts of things, designed to trigger animal instincts. This is the whole purpose of having several corporate financial new networks.
Looking at the NASDAQ
I decided to draw up a new Nasdaq chart this morning, and label some of the events which have helped move this rally along. Of course only a handful of tech names are responsible for most of the gains we've seen, over the past few months, so it only makes sense to watch the only index that matters.
$COMPQ (Nasdaq Composite) As I mentioned in my latest newsletter, we're seeing this market getting ready to test a key Fibonacci retracement level, and I think this can continue to retest the highs over the next several weeks.
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Summer trading is typically slow, and we already see lower volatility being priced into the $VIX.
I'm planning to take a few weeks off, and then see where we're at.
Take Care, AA
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