THE BEARS ARE BACK IN TOWN.
After the push up yesterday following Daddy J. Powell's comments, the market (shocker) has corrected itself and continued with the overall bearish directional bias.
IMO the comments made yesterday about the "strength" of our current economic and labor situation were simply a distraction from the fact that they announced the largest interest rate increase since the year 2000.
Had they not made these comments, the markets would have not only gone up, they would have PLUNGED.
So instead we had this dog and pony show of "everything is fine" while the house is burning in the background.
That's why initially the market jumped up 1000 points after this "news" but today the real market factors came back into play and here we have the result.
All of the 1000 point gain that was realized yesterday has been completely erased and by all of my measures, the bears are still in control here.
I anticipate price to hover sideways during Asian and early London session.
I will then be looking to get back in somewhere around good ole 33200-33300 level to continue the ride downwards, targeting previous structure lows.
Have a good night and see you tomorrow morning!
After the push up yesterday following Daddy J. Powell's comments, the market (shocker) has corrected itself and continued with the overall bearish directional bias.
IMO the comments made yesterday about the "strength" of our current economic and labor situation were simply a distraction from the fact that they announced the largest interest rate increase since the year 2000.
Had they not made these comments, the markets would have not only gone up, they would have PLUNGED.
So instead we had this dog and pony show of "everything is fine" while the house is burning in the background.
That's why initially the market jumped up 1000 points after this "news" but today the real market factors came back into play and here we have the result.
All of the 1000 point gain that was realized yesterday has been completely erased and by all of my measures, the bears are still in control here.
I anticipate price to hover sideways during Asian and early London session.
I will then be looking to get back in somewhere around good ole 33200-33300 level to continue the ride downwards, targeting previous structure lows.
Have a good night and see you tomorrow morning!