The Weekend Review of the Markets: No Looking Back

September 16, 2023 5:23 PMSeptember 16, 2023 5:52 PM Dereck's TradesLeave a comment

Happy weekend, traders. In this weekend’s article, we’ll look at the local price action of the S&P 500, consider some bearish and bullish alternatives in general, look at the long-term picture and we’ll look at some developing structures on some assets.

In Thursday’s update, I discussed my creeping doubts about a more bullish outcome in the short-term because of the NDX’s nasty stank price action. Its smashed appearance on Thursday called into question an impulsive leg up and I offered an alternative that looked for lower prices on Friday, and that turned into an understatement.

The Bearish Alternative

As things stand now, we face a bear flag on the SPX that looks like this:

Weekend Review of the Markets: The Complicated Structure I Think We Will Remain in for Another Month

September 1, 2023 6:29 PMSeptember 1, 2023 9:19 PM Dereck's TradesLeave a comment

Happy Weekend, traders.

In this weekend’s article, I will walk through what I now think will happen here over the course of the next month, and it will already be familiar to you.

The S&P 500 has had a terrific snapback from that deep sell earlier in the month, and has now been testing this channel that it broke down from, and it even came close to retesting what I’ve been calling the “Fitch gap” that was created when Fitch downgraded the U.S. credit rating:

Market Update for Thursday, August 24th, 2023

August 24, 2023 5:00 PMAugust 24, 2023 5:17 PM Dereck's TradesLeave a comment

Good afternoon, traders.

Well that’s one shitty daily candle lol

The S&P 500, despite pumping over the 50-day SMA during the after-hours, opened just beneath it and proceeded to basically vomit from open to close:

Market Update for Thursday, August 17th, 2023

August 17, 2023 4:54 PMAugust 17, 2023 6:21 PM Dereck's TradesLeave a comment

Good afternoon, traders.

The S&P 500 has begun to accelerate to the downside after losing this primary channel:

The Weekend Review of the Markets: Some Brief Remarks

July 28, 2023 4:20 PMJuly 28, 2023 4:26 PM Dereck's TradesLeave a comment

I have a few comments I can make for this weekend.

Every time the market consolidates, it can be a pattern of distribution. It remains logical to me that smart money distributes stocks to a very bullish public in this rally. Whether that’s here or somewhere else remains to be seen. But, as a pattern of distribution, this has some features that we like: