The S&P 500 has now dropped more than 5% in the past 3 weeks. If this keeps up, I’ll have to do post mortem thinking, WTF did I miss?
Accepting failure is part of this business. The important thing is to manage it so that it doesn’t kill you. I leaned toward the long side in my chart picks last week, depsite there being more sell signals. I liked the buy side patterns better. Ugh.
I had some shorts, but not enough. Now the trick is to manage a situation that’s less than ideal. To wait for the bounce, or not to wait, that is the question, for in that waiting what dreams may come, must give us pause. To sell, to buy? Perchance to hold and hope? Aye there’s the rub for in that holding and hoping what dreams may come may lead to death… Uh…
Whatever… 😄😄😄
For now, the ES, 24 hour S&P fucutures, have hit another revised 5 day cycle projection of 4360. A 5 day cycle low is ideally due at 8 AM NY time. This is also a trend spport level. So that should be it for this move on the hourly chart.
Except that if it isn’t, and they take out that trendline, we’re looking at the possibility of seeing 4250 on Tuesday. The Calm Before the Storm
Meanwhile, pity the poor bondholders. I first drew this chart around 16 months ago. The first target was hit, but watch out if this breaks the low. The repercussions will not just be in the bond market. One Banking Indicator Is Flashing Bright Red for Stocks
For moron the markets, see:
- Gold and Miners Set Up Ugly August 17, 2023
- One Banking Indicator Is Flashing Bright Red for Stocks August 16, 2023
- I Liked the Buys Better Than the Sells August 14, 2023
- The Calm Before the Storm August 14, 2023
- Gold Sets Up August 8, 2023
- All We Need is a Few Good Shorts August 7, 2023
- Under the Big Top August 7, 2023
- More Supply is Just a Lie But Withholding Weakens August 4, 2023
- Let the Scary Pictures On Primary Dealer Financing Do the Talking July 31, 2023
- Correlations Don’t Matter Until They Do, Like Now July 23, 2023
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
