Next week holds quite the opportunity for some volatility yet again with both the Mid Term elections as well as a closely watched and highly anticipated CPI report. In tonight’s market update I will attempt to lay out a plan to navigate the expected range.
Even with long-term bonds still in a bear market. Foreign markets could help bolster positive sentiment in U.S equities next week.
In today’s video I stress the importance of ignoring the midday noise we had today, and I implement more focus on the big picture. That is, we are not done yet! Yes, there will be a time to be short, but I just can’t do it yet. The sideways to higher thesis is rearing its ugly head, and I need to tell you about it.
The weekly is bear, the daily is bear, and the hourly is a warzone. Let’s review the setup and the levels for next week to see who can gain control of the charts.
Sure it’s easy to be convinced about coming lower lows, recessions, and more doom and gloom talk but before thinking that each new yearly low is a short, let’s remember that has not worked in 2022. Here’s what I watching for a more even-keeled look at this macro-charged market.
Based on Thursday’s close bears have every opportunity to push prices lower on Friday. It could be a binary situation around the employment data, but these are the levels that I’ll consider for support if we do get that next round of weakness.
Is the process still in play? What has transpired since the July discussion and what are we measuring to track the support holds?
Heading into today’s session I was looking for a bounce, and while it didn’t materialize right at the open, it was the easiest trade of the day. Let’s review what brought us there and where it might lead into tomorrow.
