It was another day of rather tedious minor chop, the SPX settling +0.3% to 4140. Meanwhile, WTIC settled $1.15 (1.2%) to $94.89.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re set for a second consecutive net weekly decline. I’m still inclined to see a tag of the upper weekly bollinger… currently 4406, although its falling 55/60pts a week…. so the 4350s as of next Monday… and around 4300 as of Tuesday Sept’6th
WTIC: oil climbed for the fifth day of six, settling in the upper $94s… just under the 200dma, which has been resistance since August 2nd. There is much chatter about OPEC wanting less supply, the real concern should be a slowing US/global economy.
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Looking ahead
Thursday will see Weekly jobs, Q2 GDP (print’2)
Earnings: PTON, DLTR, DG, BURL, ANF, COTY, AFRM, MRVL, ULTA, DELL, GPS, WDAY, FTCH, VMW
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PF chart of the day
Computer has a bearish target of the $99s.
Moderna, monthly
First, note the August candle is spiky from around the 10MA… a sign of s/t bullish exhaustion. If you believe Pfizer will fall to (at least) 40/39, then MRNA to around psy’ $100 doesn’t look difficult by early November. I’m not short either, but I want to be. I remain very cautious ahead of the holiday break.
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Final note
The day began with…
Q. Who is funding the terrorist organisation that is 'JustStopOil' ?
Soros, the WEF/UN, or someone else?
—@juststop_oil are a group of radical destructive communists, with a campaign using terrorist tactics to drag the UK back to the 18th century. pic.twitter.com/aC1UxobQeM— Philip Calrissian (@Trading_Sunset) August 24, 2022
BBC story > https://www.bbc.co.uk/news/uk-england-62656668
… on their latest destruction, which is to be seen as terrorism to achieve a ‘political goal’.
There are a number of these groups in UK.
Most are likely populated by the same people, dirty filthy… scrubs!
I can only hope the UK security services have already infiltrated them, and have figured out who is funding them. It really wouldn’t surprise me if this yet another Pet Project from Soros, who has been funding such types of groups for decades.
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Heyling and Weinstein on Twitter kicking people off for non-narrative C19 views, at the behest of the Biden admin’. Its an outright violation of the first amendment. Twitter has reinstated Berenson, and from what I understand, have reached an out of court settlement.
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Always good work from Mr Long. I do recommend you get a coffee or something, sit back, and consider it.
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He is seeking renewed downside, with a target of sp’3270, before a bounce to near/marginal new historic highs in 2023 on a Fed Pivot. Broadly, he is seeking a grander drop to the 2000/2007 double top of the 1500s… which is also my ‘ultimate backtest’ target!
I would note… I plan to be max short down to the 3200s, and would lighten up to maybe 5/10%… especially from early November onward. I could stomach going long, once the midterms are out of the way.
As ever… neither yours truly or Mr Long have a time machine.
Goodnight from London