First off: It was good to see volume finally pick up on Friday, after months of summer doldrums.
To get you caught up to speed:
We saw the market give back most of last week's gains, on Friday, which was not at all surprising after the warnings I put out there, on Thursday.
$VIX red flag spotted on Thursday
$VIX 13. That seems a little unlucky to me
— Veteran Market Timer (@3Xtraders) September 14, 2023
$SPX red flag tweeted Thursday
$SPX is bought above the 50 day moving average. Whether this is just another bull trap... I can't say.
— Veteran Market Timer (@3Xtraders) September 14, 2023
$VIX - bull trap triggered at Friday's open
Seeing the $VIX pop back above the 13 mark. $SPX tanking. Gold and miners rallying
— Veteran Market Timer (@3Xtraders) September 15, 2023
$SPX 50 day moving average sold.
Dow 50 day moving average sold, on decent volume.
Bull Trap confirmed
$SPX futures accelerate to the downside. Looks like the 4500 calls aren't going to pay. pic.twitter.com/18768eo4sr
— Veteran Market Timer (@3Xtraders) September 15, 2023
And by the end of the trading day, Bloomberg was seen reporting that the market had sold off for the 2nd week in a row - which is debatable.
Sure, if all you're watching is the $SPX it technically closed down .16% - for the week, but reporting it as some sort of bearish trend is highly deceptive.
$SPX - weekly - Bloomberg tries to make the current trend sound bearish
Speaking of Bloomberg News Spin
This morning Bloomberg is seen peddling Dr. Doom Nouriel Roubini, and they even asked him if he would be long, or short US equities? He said he would be short, going into the end of the year.
I'll leave it for you to decide what that means.
The Fed
This week, ahead of a midweek Fed rate decision; expect more sideways consolidation
Then on Wed. expect the Fed to continue the pause in interest rate hikes.
That should be good for a relief rally, at least.
Take care,
AA
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