NDX was smacked down 4.35% on hot CPI. Big vol moves like this are right in my wheelhouse. Can make a months gains in one day.
SPX rejected off key level on the red hot CPI print - has sparked talk of a 100 bp hike expected next week. The inflation jeannie is out of the bottle.
DAX has held support and made a nice bottom support. Could be just a short-term rally but was a nice setup.
XLY Consumer Discretionary could be seeing the effects of the bullwhip effect that Michael Burry has been warning about. Big inventory builds means prices are set to crash hard? Will be interesting to see if he is right.
Gold is on the verge of breaking key support due to the relentless surge in $USD.
Oil is back testing the key resistance level. Was a nice rally
Bitcoin has had a bit of a rally in line with tech stocks to end the week but monthly is still very bearish. I wont be looking for longs in crypto until the monthly stochastic crosses back up.
Transports have managed to hold key support but for how long? The worst could be yet to come and this chart is one to watch.
JNK has had a nice rally off support. See if it holds the momentum with the Fed in strong hawkish mode.
NDX daily has rallied off the key 61.8% Fibo. The big tech stock names were heavily over sold so due for a rally but could be short term.
SPX has had a ripping rally off the key support but the 2 year bond yield is also rising. Do we just see a short term rally here? That's what I would expect with rising yields. Lets see.
The big tech names are heavily over sold relative to the Nasdaq index. Interesting to see what happens here.
To get a big move down in stocks the weekly MACD needs to be above the zero line. It looks to be coiling for a break higher. Have to see if it is confirmed.
To get a big move down in stocks the weekly MACD needs to be above the zero line. It looks to be coiling for a break higher. Have to see if it is confirmed.
SPX is just trying to hold this key support level. If the level holds or not will be very data dependent.
Gold looks like it is set for a heavy downturn as USD/JPY marches higher with rising yields.
TLT daily is on key support as long term bond yields soar which is bearish for stocks. You can Also get a case where long term bonds rally and yields fall which is also bearish for stocks if short term yields continue to rise at the same time. This will likely be the case if the Fed pivots. By that point the yield curve has already kicked up at the short end...
Market Breadth is still very bearish with just 26% of stocks above their 200 day MA. Critical support area on monthly.