The SPX opened on a positive note to 4017, but spiraled lower to 3908, and settling -1.8% at 3918. Meanwhile, WTIC settled -94cents (1.2%) to $75.72.
sp’weekly1b
WTIC daily
Summary
SPX: the current weekly candle is a real ugly one. Any Friday close under the ‘body’ of last week’s candle (3992) will make for a bearish engulfing candle, and that will bode especially bearish for next week.
As things are, weekly momentum is due to turn negative at next Monday’s open, and bodes for increasing downward pressure. In theory, price action should be more dynamic, and should be reflected in the VIX.
Prime/natural target is the Dec’ low of 3764.
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WTIC: oil fell for a third day, not helped by the weak main market. Broadly… its been chop since late November.
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Looking ahead
Friday will see the latest monthly jobs report from the BLS
Earnings: ERJ, BKE
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Final note
Rome burns…
and its clear… very few of you care.That dead-spirit is precisely why Rome burns.
What is coming, is exactly what most of you, your family, and friends… deserve. @elonmusk @mtaibbi #TwitterFiles #Censorship pic.twitter.com/iWpqRmkrb7
— Philip Calrissian (@Trading_Sunset) March 9, 2023
The morning saw Taibbi release another truck load of ‘Twitter files’, and duly appearing before the US House.
1. TWITTER FILES:
Statement to Congress
THE CENSORSHIP-INDUSTRIAL COMPLEX pic.twitter.com/JLryjnINXS— Matt Taibbi (@mtaibbi) March 9, 2023
As a spectator to the USA, I remain utterly depressed to see the ongoing apathy, the lack of passion, from the US populace, including many of my own readership.
Its clear that most are resigned to ongoing corruption, an increasingly dystopian state, one that is set to control every facet of a person’s life.
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The failed state of Holland… at war with its farmers.
There is no reason to expect the regime to capitulate, and instead continue to actively push to cut the food supply. https://t.co/CZQPzcmCaa— Philip Calrissian (@Trading_Sunset) March 9, 2023
I have near zero hope this will end well, as the WEF are leading a global push to cut food and energy production. The path is one of economic contraction, a decline in living standards, and for many… death.
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HIGHLY recommended, and its something that Denniger has also been noting lately.
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‘The Ukrainian people had better rise up and overthrow Zelensky or they will not have a country left when this is over.’
If only.
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*Yours truly is no more a fan of FOX Business, than I am of CNBC or Bloomberg. The guest… McDonald, does merit ten minutes of your time.
I would be open to the notion of the sp’3200/3000 zone within April/May. Ohh, and the C word -‘Crash’ still wouldn’t be merited, for what would just be another couple of stair steps lower from the Jan’2022 historic high.
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A little tremor
This afternoon’s style of price action was the most bearish I’ve seen this year, and for once, it was reflected in the VIX.
The financials sure didn’t help, with Silverlake deciding to liquidate, and then talk of SVB perhaps ‘in trouble’. I’d be more concerned with the European zombies of Credit Suisse and Deutsche Bank.
In any case… regardless of tomorrow’s exact settlement, the weekly candles should settle net bearish, and offer lower lows next week.
Yours truly is mildly annoyed at not capturing any of today’s downside, but at least I’m not stupid (or bold) enough to be trying to trade bounces, as and when they appear possible. My default is to short to the 3200s, but take profits when… and as often as I can.
Goodnight from London