Welcome to the long, holiday weekend. Congratulations! You made it. And that’s not been an easy task in this market, this week.
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Last week the markets put in a pretty nasty red candle with most of the selling coming on Friday. Momentum like that doesn’t usually turn around quickly so I was looking for some follow-through this week.
From last week’s review -
So where does that leave us? Much more bearish looking than this time a week ago.
Here we are looking up at SPY 410, QQQ 310, and IWM 190.
Not bullish.
Can prices find support and resume the move higher? Or do they break lower signaling “risk off” once again?
You don’t need to be a technical analyst or a chartist to see things are pointing lower.
Down below, we’re looking at the 50-day moving averages, then the July 26 pivot, and finally the June 16/17 low as potential support.
So what did the markets do?
Exactly what we expected — downside follow-through.
$SPY 50-day moving average? no help. Swing low anchored VWAP? no help. The July 26 pivot low? Maybe.
$QQQ
$IWM
$DXY — The US Dollar made the breakout
$VIX — tried to go down, but couldn’t stay
Now what? — Bull and Bear possibilities
The bull case is the same; there’s not much of one until we see one of these potential support areas hold and help prices stop the slide.
On the flip side, the bear case continues to build. Falling prices, failed support levels, seasonality, etc.
Again from last week:
Risk management is critical in markets like this.
And don’t get in a hurry.
What I’m reading and listening to — I covered a lot this week!
Psychedelics as medical therapies is a radically growing concept.
On this episode of Infinite Loops, Jim O’Shaughnessy talked with Dennis McKenna, a pioneer in this space.
Very interesting.
This little gem from Derek Sivers is packed full of short, quick insights for the entrepreneurial-minded.
I gobbled up two episodes of Michael Gayed’s Lead-Lag Live report. Both of them feature superstars in the world of markets and technical analysis.
I’ve linked to Spotify but you can find these anywhere you listen to podcasts.
Tom McLellan
John Bollinger
Writing is an incredibly useful, developmental, important habit. Writing online, aka in public, is even better. If you’ve thought about trying but don’t know where to start, here’s some help.
Once again, wise words from Tom Canfield.
More “wear you out” caution from Walter Deemer
There is good in the world. This story from Jesse Pujji is guaranteed to warm your heart and make you smile. This video is the finale. So if you don’t want spoilers go to the beginning of the thread.
Last — Uhhhhhhh
That’s all for now. Thanks always for reading, subscribing, and sharing with your friends and family.
I hope you have a fantastic holiday weekend full of fun with those you love.
Cheers.
Originally published at https://andrewmoss.substack.com on September 2, 2022.
***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.
It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.
All investments are subject to risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants or other qualified investors prior to making any investment decision.
