Good afternoon, traders.
After a harsh reaction to the FOMC meeting, the bears are getting even more out of this bear flag:
Read more “Market Update for Wednesday, September 20th, 2023”
Tag: $BTC
The Weekend Review of the Markets: No Looking Back
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:
Read more “The Weekend Review of the Markets: No Looking Back”
An Update on Bitcoin
It’s been a while since I have covered Bitcoin but it’s been one of the most boring assets for months.
In a remarkable twist of “gotcha,” I was quite bullish on Bitcoin when it touched the 200-day SMA in the heart of the banking crisis and began to rally after the Fed and Treasury intervened:
The Weekend Review of the Markets: The Three Coming Errors
In this weekend’s article, I will examine a few of the things I have been discussing about the situation locally, and then I will turn to a discussion about the long-term picture. In that discussion on the long-term picture, I will lay out “Three Coming Errors” that I expect market participants to make over the coming 6-9 months, and I believe those 3 errors will govern the structure that unfolds ahead of us. I’ve hinted at some of these here and there, but I wanted to organize them together into a cohesive picture where you can see them laid out in clarity.
Let’s look at some things.
The S&P 500 has been in something sort of bull flag-like, and it’s broken out:
Read more “The Weekend Review of the Markets: The Three Coming Errors”
The Weekend Review of the Markets: Have the Bears Got the Bulls Right Where They Want Them?
We have been monitoring this long, sideways range on the S&P 500. After first probing through the top of the range, the SPX found support on the 89-week SMA and catapulted itself higher, overshooting the rising wedge that had begun to form:
