Well as I said previously, we needed to see if there would be a confirmed rejection from the resistance. Not a big trade but quite nice technically.
It looks like SPX monthly is going to end September with a capitulation candle below support. I was expecting the September candle to close on the support base. Put options are still on the rise. Have to keep an eye on the yield curve at the short end. The very short end of the curve is still too steep to see a big downside potential in stonks. I think that might...
Oil had a really nice rally up to the key resistance. Hard to say if it will break back into the distribution range or reject. Have to see confirmation.
SPX rallied off support as the 2 year yield took a turn down. Jeffery Gundlach is a buyer of bonds no so he must be expecting the rate hikes to be coming to an end. Bank of England had to do a pivot which sent dovish ripples across the board, for now at least.
Copper rallied off 61.8% Fibo retrace key level but looks like it will fail and continue lower. A lot of weakness in emerging markets with strong $USD.
FDX is one of my favourite bellwether stocks to show economic strength or weakness. The month stochastic is showing overs old but price can still push down to support.
JNK has broken down as high yield rates rocket higher. This should lead stocks lower in the week ahead. Lets see.
Gold is below key support to end the week. Looks like much more downside to come.
Oil confirmed the breakdown on recession fears. Big 5% move to end the week.
USD pairs gave some great trading this week. When I have over 15 pairs with open trades at the same time, that is some good trading right there. Some of the best forex trading conditions I have seen for a long time recently. With the yen intervention and FOMC this week we got some great tradable volatility. Was quite enjoyable.
VIX weekly MACD is close to breaking above histogram line. That's when you can see some big moves. Surprisingly low open interest on call options for VIX.
SPX 4hr has settled on support. What a week it has been. This volatility is right in my wheelhouse.
ES daily sitting on 78.6% Fibo retrace. I expect this level to fail but have to see.
Gold has ended the week below the weekly distribution support. Looking super bearish for gold.
SPX daily has broken that key daily support to end the week. A tsunami of data coming up in the week ahead. Apparently a lot of the hot CPI number was made up of rent increases. Lets see what the Fed makes of it.
SPX is back testing the key support. If the Fed drops a 100 bp clanger next week, we could be headed back to the bottom of the descending megaphone.
NZDUSD was caught by surprise with the $USD down early in the week.
US02Y Well now. Just when you thought the 2 year was overcooked and looking for a retracement.....