Futures are again backtesting the 200-day moving average as we approach the open. continued for members… … continue reading →
Tag Archives: trend lines
Powell’s speech will take on added importance following the release of this morning’s hotter than expected Q3 GDP print on the heels of a big ADP miss. Futures are flat after completing the backtest of the trend line from October we had been expecting. continued for members… … continue reading →
Q3 GDP came in at 2.6%, beating the 2.3% consensus and of course Q2’s -0.6%. While good news for the economy, it does little to advance the narrative that the Fed might be ready to pare future rate hikes. Nevertheless, VIX fell… …so futures rose slightly on the news.continued for members… … continue reading →
For months, VIX has facilitated higher equity prices – plumbing new lows, breaking down, refusing to rise in cases of obvious market distress. Today, it reached a trend line off the previous highs, all of which corresponded with sizeable bounces in the equity markets. It’s an extremely important test for bulls. 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 →
Futures are off modestly this morning as the 10Y approaches our next downside target: a backtest of both its decades old falling price channel and the rising channel from its 2020 lows. continued for members… … continue reading →
Yesterday’s mind-bending rally made very little sense except for the fact that it both washed out many more weak bears and resulted in a more logical placement of ES’ downside target. I’ll explain. continued for members… … continue reading →
WTI has reached our 200-day moving average target posted last month.This is a very significant move which, unfortunately, didn’t happen soon enough to affect June CPI or PPI. Long-time readers know that I’ve been harping on inflation for a long time. The reason is simple: math. Annual “headline” CPI, which is the one we all … continue reading →
SPX closed below important support yesterday, suggesting that the current leg down isn’t yet over. Indeed, things could get worse.continued for members… … continue reading →
Futures are up slightly as we approach the open – an extension of the bounce off recent lows. continued for members… … continue reading →