Equities began the week on a positive note, the SPX settling +0.7% to 4487. Meanwhile, WTIC settled -22cents (0.25%) to $87.29.
sp’weekly1b
WTIC daily
Summary
SPX: a positive start to the week, but today’s action didn’t offer the bulls any real upside power. Multi-week price structure is a valid bear flag, we need a break <4335 to fully confirm. Despite today’s equity gain, weekly momentum is still increasingly negative.
As of next Monday Sept’18th, m/t rising trend from Oct’2022 will be around 4240. The past few days of price action suggest that will NOT be broken… at least on the first try.
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WTIC: oil printed a new cycle high of $88.15… if cooling back a little. Bears could argue s/t structure is a castle top… RSI 69s… over-stretched.
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Looking ahead
Tuesday has no econ-data or earnings.
Mr Market will instead likely be focused on CPI-Wednesday.
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Final note
For what remains the biggest story of our time…
Indeed, many are trying to re-write their history.
It was recognised at Nuremberg itself, that coercion, was a type of force.
All those involved… deserve to be equally strung up.
… but that’d involve the bulk of the global medical profession.
… so no one will be held to account, as millions die across the world due to the increasing number of mid/long term effects.
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Indeed, the irony.
Moderna $MRNA whose mRNA gene therapy bioweapon shots have killed some millions, and injured hundreds of millions, perhaps 2-3bn. https://t.co/Whz1XgP6M7— Philip Calrissian (@Trading_Sunset) September 11, 2023
No doubt, some are annoyed that Novak not only is back, but winning.
Despite the FDA clearing another round of shots today, Moderna and Pfizer both settled the day lower.
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The count continues…
Today was day’32 from the July 27th high.
Today was day’5 from the recent high of 4541.
Based on the past few days of price action, there is no realistic chance of <4240 within the near term. Instead… we could look to floor from around there.
As noted in recent days though, even 4335 would make for a fine exit.
I will hope Monday sees a test of 4240.
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I continue to quietly follow ‘FinanceLancelot’ on Twitter, who is especially focused on the VVIX:VIX. Clearly… s/t equity bears need to see this turn lower… and take out the recent low of 5.359.
Regardless of that… it was an annoying day for yours truly, but that is the risk of holding short across the weekend. For now, I’m reasonably confident of 4335… but hey, I don’t own a DeLorean.
Goodnight from London