You may also want to check out the weekend update linked
To review last week's action:
It appears that traders wanted to raise some cash in order to pump the China India summit, so they sold the S&P at the 4500 (round number) target. It was an easy call.
$SOX - Recap of Friday's reversal
Looks like I was right on the bull trap in $SOX $SOXX and $NVDA 🤷♀️ pic.twitter.com/WBDL9bLfK1
— Veteran Market Timer (@3Xtraders) August 29, 2025
We also got Gold, and Silver miners right, and that helped lift (2X) Gold miners $NUGT, which closed up +21% for the week!
$NUGT (2X $GDX) is up 20% in 2 weeks, on light holiday volume.
— Veteran Market Timer (@3Xtraders) August 29, 2025
Anyone who trades this knows it could give it all back at Monday's open. 20% gaps are not uncommon.... pic.twitter.com/TTJZiYvIH4
Silver becomes the latest meme trade
Labor Day (Monday) I noticed Silver pushing above $40, and I suspect the reversal is going to look exactly like the one we just saw in copper.
Checkout the Silver Manipulator I spotted on YouTube less than a minute into the video he falsely claims that a +1% move in Silver is somehow extraordinary?
A 1% move in Silver is nothing. I wouldn't be surprised to see a 10% move in Silver, after some of the meme trading we've witnessed over the past few years.
The Broader Market
This morning (Tuesday) we're seeing US futures slammed, and Germany leading the way lower.
I spotted this lower target on the $SPX on Friday
I think we could see more weakness next week looking at the $SPX futures 6413 pic.twitter.com/Q1lEmyVb5N
— Veteran Market Timer (@3Xtraders) August 29, 2025
We're also seeing rumors that President Trump is in poor health, and some sort of announcement supposedly scheduled for 2PM. This is the chatter I'm seeing on the X platform.
$VIX does something extraordinary!
The $VIX continues to trade below 20 which you would expect during a holiday week, but look where it was hammered (manipulated) this morning.
$VIX touches 17.99 in pre-market that's no coincidence
— Veteran Market Timer (@3Xtraders) September 2, 2025
Crypto gets a bounce
Lately we've seen Crypto getting hammered with Tech stocks, and it will be interesting to see if Crypto and tech stocks continue to move in tandem, or will they diverge? I really don't know, but considering what I'm hearing from the contrarians at CNBC, I wouldn't be surprised to see a divergence. This morning - for instance - were seeing Crypto get a lift, as NASDAQ futures are pointed to a lower (-1%) open.
Getting back to last week's China Rally up another 2% on Labor Day (Monday)
US Banks Moved $312B in Chinese Drug Money, But Crypto Gets the Blame multiple sources
but wait there's more!
Goldman, Citi lead US banks ploughing billions into China thebusinesstimes.com
NPR Chicago
China's Xi hosts Putin and Modi at Shanghai Cooperation Organization summit
"Chinese President Xi Jinping is hosting a high-profile summit with leaders from Russia, North Korea and India gathering among others in a challenge to U.S. influence."
Alibaba gains $50 billion value after AI progress fuels rally
Also this from China lovin' Bloomberg
Alibaba Share Surge Adds $50 Billion After AI Revenue Boost
With a government shutdown looming, and that story taking center stage, I would expect to see some choppiness, between now and Thanksgiving, but I'd be looking to sell China, Silver, Crypto, anything, other than the hopelessly rigged US equities market.
Watch for a sudden reversal in Silver, similar to the one we saw in copper, with the closest near term support being the $34 level, right around where the 200 day moving average is currently trading.
Take Care, AA
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