US02Y short term bond yield has screamed higher since Powell's comments at Jackson Hole. This is bearish for stocks.
JNK is testing key support. A failure of this level will see stocks lower also. See what happens by the end of the week.
SPX daily has had a retracement to the key support of 61.8% Fibo. Also a key support level on the 4hr. See if this level holds or fails.
SPX daily looks like a confirmed rejection off the 200 day MA. Could get real bearish real quick. 2 year yield is popping.
ES had a clanger. Down 3.5% on Powell hawkish tone.
It looked like gold weekly was going to make a rally off the distribution support level but Powell has put that on hold.
QQQ was smashed down to 38.2% retrace on Powell hawkish comment at J Hole.
QQQ was smashed down to 38.2% retrace on Powell hawkish comment at J Hole.
Junk has come back to 50% retrace key level. $USD is coming off a touch. Lets see what happens. Could go either way.
S&P 500 sitting on key point of control support area. Have to see if this level fails to get a better idea of where price is going from here.
NDX daily possible descending channel. Have to see if we get a rejection here.
SPX daily could be a descending megaphone. Lets see. Not saying it will go to the potential target. Just a possibility.
It looks like oil has rejected from the key resistance on Europe recession concerns amongst other things. This will be critical for stonks going forward if it turn out to be a major rejection.
Oil daily is testing the resistance which was an extremely key support level for such a long time. A rejection here with oil off this resistance could give some insight into the possibility of recession in the coming months. Some say the recession has already started.
SPX weekly has cleared a key level at the 50% retrace which is also the point of control. I was quite sure the jobs beat would have been enough to see a rejection at that level but the weaker inflation numbers seem to do the trick to spark panic buying. Now at 61.8% retrace. Ultimately I expect to see a lower weekly high form at some point in the next few months,...
SPX bear market rally looks more like a daily distribution. See how we end up for the week after jobs data.
Oil daily looks to have lost this key daily support which has been defended vigorously. Weak China CPI among other things has been the cause. Could be just a false break of a distribution which is quite common. Could be confirmation of a recession too.
Oil daily is testing the daily distribution support. If it breaks down it could be a big move. Might be oil is pricing in recession. Weekly is counter trend.