Futures are off again this morning in the lead up to the FOMC meeting.
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Year: 2022
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Charts I’m Watching: Sep 19, 2022
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Another Head and Shoulders Pattern
Another ugly open for markets as ES, down about 1.25%, completed its H&S Pattern we’ve been watching take shape.
More grist for the bearish mill…as though we needed any more.
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Charts I’m Watching: Sep 15, 2022
After that vicious selloff, the market is now in wait and see mode – levitated by OPEX this Friday and next week’s FOMC meeting.
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Pretty Soon, You’re Talking Real Money
Apparently, investors aren’t quite as sanguine about inflation as it seemed. After slightly overshooting our upside target from February, SPX plunged 4.32% – about $1.5 trillion in market cap. Trillion-and-a-half here, trillion-and-a-half there, pretty soon you’re talking real money. It was the worst day in the markets since March 2020 and one of the worst on record.
Yet, the talking heads and financial press were all rainbows and unicorns leading up to the CPI print. The big question, of course, is “what happens next?”continued for members… (more…)
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Inflation Rises
August CPI came in hot, rising 0.1% in August instead of the consensus 0.1% decline. Core was even worse: 0.6% versus 0.3% consensus. The annual print also disappointed, coming in at 8.3% versus expectations of 8.0% or less.
Having slightly overshot our 4153 target overnight, ES is now reversing sharply.
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Charts I’m Watching: Sep 12, 2022
Futures are up modestly on light volume algo action in advance of tomorrow’s CPI data.
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More VIX Games
The algos were back at it yesterday, pumping stocks higher via VIX and the USDJPY. Note that VIX dropped back to the TL which it broke below in August.
This brought ES within striking distance of a backtest of its latest H&S Pattern just in time for next week’s CPI data to drop.
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The ECB Chooses Stagflation
Futures are off moderately in the wake of the ECB’s decision to impose a 75 bps rate hike – its highest ever – on an economy already reeling from spiraling inflation and weakening economic activity.
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Charts I’m Watching: Sep 7, 2022
Futures are essentially flat as we approach the opening bell. As the chart shows, we’ve been here for a while.
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Charts I’m Watching: Sep 6, 2022
Futures are up slightly as we approach the open, still hovering around our backtest target.
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