It was another bearish day in equity land, the SPX printing a new cycle low of 3749, and settling -0.8% to 3757. Meanwhile, WTIC settled +55cents (0.7%) to $83.49.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net lower for the fifth week of six. Last week’s bearish engulfing candle played out. Weekly momentum is negative, set to be a problem into October. On a weekly chart… its very difficult to see a rebound of any significance, never mind a push to 4K.
WTIC: a relatively subdued day for oil, settling in the mid $83s. Support 77/76s, which appears set to be hit… not least considering the main market, and the dollar.
–
Looking ahead
Friday will see PMI Manu’, PMI Serv’.
Earnings: none.
Event: Powell is due at 2pm. I’m not aware of the location, but I’d imagine it will be streamed live. Mr Market will be listening.
–clearly
PF chart of the day
Computer is seeking a bearish target of $113.
META, monthly
META remains m/t horror from the Sept’2021 $384s. Its notable we’re only $5 away from the March 2020 lows… back when sp’2191 ! I have zero sympathy for META or the Zuck’, whose cancerous cancel culture has silenced many.
–
Final note
Dore on META… as a court has ruled it can’t censor what people say. Paypal has also been canceling accounts lately on things that don’t match the narrative.
—
😲 OMFG this is actually real
🚗 There is a new WEF article on how COVID lockdowns, social distancing, contact tracing, masks and Vs was all a "test" to see if we will accept the "social responsibility" of "tracking personal carbon emissions"#FtheWEFhttps://t.co/VvfxAvgp5l
— #FtheWEF till the day I die (@NEOintheMCR) September 20, 2022
There is currently no reason not to expect a social credit score, with a ‘carbon’ element. That IS the dark path we’re on.
–
A bounce… or straight down?
A fair number out there have their own version of the above wave count.
If we are in a sub’1 of 3, then we need to see a bounce from where we currently are. In theory… green gap would be a valid target, before some degree of ‘crashy’ move.
Yours truly has a rather strong case of trading paralysis.
The upside… is that unlike the mainstream, I’m not losing a single dollar right now. Further, my funds in USD are increasing in purchasing power, relative to the GBP.
The downside… I’m not making any money.
I’ll hope for a bounce, and that is more of a ‘hope’ than anything.
Goodnight from London