It’s unusual for stocks to sell off in the lead up to an FOMC meeting. Its also unusual for a bearish pattern such as a Head and Shoulders pattern to complete during those days. Yet, here we are. As has been the case since late August, the only thing preventing a severe downturn (aside from … continue reading →
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. continued for members… … continue reading →
After that vicious selloff, the market is now in wait and see mode – levitated by OPEX this Friday and next week’s FOMC meeting.continued for members… … continue reading →
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 … continue reading →
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.continued for members… … continue reading →
Futures are up modestly on light volume algo action in advance of tomorrow’s CPI data. continued for members… … continue reading →
Breakouts from well-established falling channels are usually followed by backtests of that channel. This is how bulls put all that nasty bearishness behind them, freeing stocks for another leg up. Except, it doesn’t always turn out that way. Sure, ES nailed our backtest target. But will it follow through with a respectable bounce? continued for … continue reading →
Markets finally got the message. Or, maybe Powell finally put it plainly enough: there will be more pain before the Fed eases. continued for members… … continue reading →
Powell threw cold water on the market’s optimistic outlook this morning, suggesting that aggressive tightening will continue. continuing for members… … continue reading →
Futures are flat after enjoying a modest overnight ramp. continued for members… … continue reading →