Not much else to say this morning or that I want to elaborate on. The world continues its downward spiral. So many things falling apart I can't even list them in a simple post anymore. It's hard to even pick what's the hottest issue. At least these days it is not as hard to spot the lies and propaganda.
I do reassert my belief that the market is very nervous and rightfully so. Overbought, liquidity driven, hot air filled markets do not like lame duck potus, coming elections, failed foreign policy, failed domestic policy, unsustainable debt and the lot. Shall we discuss the coming destruction of the dollar? Oil, gold, interest rate manipulation? It's a complete mess and mr. market senses this and is finally starting to assert some semblance of reality. By no means does this mean the Fed is through with their games, it does mean they will struggle to achieve their desired results like never before.
On to the lie -
Daily SPX - That 20/50 bear cross is not a good thing with price coming off critical support and backtesting prior support. Near tern oversold she was and still is to a degree, but long term she's still in outer orbit as far as being overbought. One 'event', one slip here and they all know the algos are gonna go nuts. Man I bet this is some tense times at the control center. Good thing everyone is on vacation!
No form yet and the BTFD ramp stalled. I'm curious to see what the bears can muster here and what the Fed and the TBTF will counter with. This is another potential really good short point. I'm simply gonna watch and digest what's going on at this time. Any momo south and that 200 dma comes into play which busts all meaningful support and I'm sure kicks in some sell stop action. Any momo north here and the squeeze will be on again. On cash up to 1964ish and the bears still have the ball IMO.
More to come below.
Have a good day.
GL and GB!
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