The S&P officially closed in bear market territory, but let’s be real, it’s been trading in a bear market fashion all year, it’s just now official. Assets got whacked across the board, including energy, crypto, and gold, in a total asset devaluation. As of now, the next major catalyst on the docket is the Fed meeting on Wednesday. Will it set off a short squeeze, or finally send us into capitulation?
This week will no doubt prove entertaining and likely quite volatile. Events are the VIX Expiration and FOMC rate decision set for Wednesday as well as EOQ Triple Witching two days later on Friday.
After a day like today, one wonders where is the safe space? Or is there a safe place to hide? There were not many and it certainly is not in Crypto. In tonight’s video I will walk through what I do see and am planning for, given the anticipated volatility later this week.
Today, AMZN dropped down to its Voodoo fireline, the third visit in about a month. They say that there’s no such thing as a triple bottom, so what does that mean for this name, and for indices where AMZN is heavily weighted?
Market tipped its hand yesterday and today broke all structure. Bulls have lost every bit of ground they gained and Fed is in a box. Let’s look at the signals for next week.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
In this video I give my take on how I see gold breaking out and possibly stronger than I can imagine around Fed talk next week.
After breaking key support yesterday, the S&P 500 sold off dramatically today. It looks like it’s heading to below May lows. We’ll discuss how much beyond in tonight’s video.
