All indexes are below their 50SMA — What now?
With the indexes closing below the 50SMA, within my trading plan I’d better have some short trades on, and here are some short setups I am watching.
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Trend, Prints & Pattern — all the elements I needed for a high probability bet.
LVS just had a 3.4 million share transaction today against a resistance level with a bearish engulfing candle pattern on above average volume. It may just be time to place a bet to the short side.
TSLA has retraced to the zone
This is a follow-up on the TSLA setup from last week and what the setup is now that TSLA has pulled back to the Wave, the regression to the mean that we were waiting on post-split.
Is it really down from here?
The indices continue to adjust to a 1/4 higher target rate than was expected for most of 2022 and that will cause weakness. However, does this mean the path of least resistance is lower? Not yet.
Last Week Of Summer
This week we find ourselves opening and trading between two areas of balance. Question is, as always, up or down? I have a twist for this week’s plan that may involve both. Let’s take a look in this week’s plan.
What’s working & What’s not
Mostly updates and plans for continuation of existing positions, but there are a couple of warnings. Main warnings appear to be in the Feeder and Live Cattle markets. Updates are mostly good including Coffee, Rice, Wheat, Corn, Beans, etc…
Downside is prevalent, but some bullish strength in commodities
The market continues to sell off From Powell’s hawkish speech Friday. The market won’t just go straight down, but I think we will be seeing new lows over the course of time. That said, there are still some bullish areas if you are interested, but be sure to find your lower risk entry point.
Significant UVXY divergence, but commodities still bullish
The market continues to sell off from Powell’s hawkish speech on Friday. I think we will be seeing new lows over the course of time, and for many stocks, that will be the easier play. It’s not all bad out there, since commodities are starting to move up as perhaps a nod to a stagflation environment. Uranium has been a big talk since Japan said they were renewing interest in nuclear power.
Break on through to the other side
I have been citing the S&P 500 Voodoo fireline at 4083 as an important level to watch in determining if the market will turn back down. After breaking the level on Friday, it remains important as short-term resistance.
Mapping the S&P 500 path forward (or backward)
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