This week has been one for the record books, with major market stalwarts plunging one day…
…and soaring the next.
S&P futures have ranged nearly 90 points already, and the market hasn’t even opened yet.
continued for members…
The bigger picture shows ES testing both its SMA10 and SMA200 this morning with the next leg down seemingly underway, egged on by a jobs report that screams “more tightening!”
Despite yesterday’s meltdown, VIX is still fairly well contained – much less than one would think – below its SMA10.
Oil and gas spiked higher overnight, with CL about to tag its red .618 at 93.16, the retracement of the drop from its 2008 highs at 146 to its 2020 lows of 6.5 (as adjusted for contract changes), and its gray .886 at 96.15, the drop from the 2014 highs. This would also be the top of the rising red channel and the rising white channel.
On the currency front, EURUSD has broken out above the red TL from May 2021, but has yet to reach or top the yellow neckline of the huge H&S Pattern targeting .78. Dollar weakness
That dollar weakness has been somewhat offset with dollar strength relative to the yen.
Gold, silver and BTC are going sideways.
more later...
UPDATE: 12:53 PM
I’ve had a few inquiries about FB and AMZN, the bigger picture. Happy to oblige…
