It was a pretty tedious Tuesday in equity land, the SPX settling -0.2% to 4128. Meanwhile, WTIC settled +$3.38 (3.7%) to $93.74.
sp’weekly1b
WTIC daily
Summary
SPX: I’d note the upper weekly bollinger at 4405, which should drop/adjust another 60pts as of next Monday to the 4350s. My concern – as someone who wants to start launching short positions, is a little wave higher… that might even surpass last week’s high of 4325. On the plus side… even if we go above 4325… it shouldn’t be much more than 1%, and shouldn’t last for long.
WTIC: oil powered upward, printing $94.22, and settling at $93.74. Yesterday’s hollow red reversal candle played out. Things turn interesting with a daily close >psy’ $100. That won’t be easy, when the market next gets spooked by recessionary concerns.
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Looking ahead
Wednesday will see Durable goods order, pending home sales, EIA Pet’
Earnings: WOOF, NVDA, CRM, SNOW, ADSK, SPLK, WSM, BOX, VSCO, GES
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PF chart of the day
I rarely check the USD via the computer’s PF outlook. The DXY 144s are a long way up… last seen in 1985!
USD, monthly
As things are, we’re set for another net monthly gain. Big target are the 120s, which appear realistic before year end.
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Final note
Discrimination based on medical status continues, not least in the failed state of Australia…
Hundreds of unvaccinated teachers across the state will have their pay slashed, as a penalty for not complying with #COVID19 directions. @TimArvier9 #9News pic.twitter.com/FVRdUpaHDE
— 9News Queensland (@9NewsQueensland) August 23, 2022
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Australian Senator Malcolm Roberts drops truth bombs about Klaus Schwab and the Great Reset.
"Billionaire, globalist corporations will own everything: homes, factories, farms, cars, furniture, and everyday citizens will rent what they need — if their social credit score allows." pic.twitter.com/jM2nCLt3sD
— Eugene (@eugeneppc) August 21, 2022
Not everyone in Australia is an insane maniac, as Senator Roberts calls out the push for the great reset.
Yet the resistance is limited, and its currently not enough to counter the push. I just don’t have any realistic hope Schwab won’t win. Ohh, and in case you’re not aware, he already has his daughter in line to take over his cabal, after his death.
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The Chancellor of Germany who just arrived from a another Country can sit a foot and half from the PM, but I need a quarantine plan and multiple tests proving I’m healthy. I’m quite done with this nonsense pic.twitter.com/w5Ix8PObQd
— Ryan Gerritsen🇨🇦🇳🇱 (@ryangerritsen) August 22, 2022
… as ‘some’ Canadians are tired of the hypocrisy… and the tyranny.
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Heyling and Weinstein on the Fauci.
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Dore on Africa’s increasing business ties with China. The Chinese are understandably interested in having control over as many resources as possible.
As for a move on Taiwan, there is distinct and serious background chatter that it might happen within September. I posted a date of Oct’8th some weeks ago. Regardless… it is a wild card, but one to take seriously. I would merely add that the equity bears do NOT need such a wild card, for renewed sustained and significant downside ahead of the midterms.
Goodnight from London