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Gap down but almost within the yesterday's range so likely a range day.
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Fun fact. Fed is talking about doing nothing for an extended period of time so market will be forcing their hand. I bet zero questions on why Wells Fargo cut all consumer credit lines.
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FOUR HORSEMEN OF THE RECOVERY update, daily, RSI-5
All made their highs last month
All are now on higher lows except XLE, energy stocks, which is lower low
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Testing day low, let's see whether bulls can make a double bottom here. So far looks like a range day so if break to a new day low beware the breakout might be a false one.
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The Social Security cost-of-living adjustment for 2022 could be 6.1% due to inflation, according to a new estimate. That would be the biggest increase since 1983, according to non-partisan advocacy group The Senior Citizens League, which calculated the figure. (CNBC)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Yawn.....Price action is negative, internals are negative, momentum is weakening but not yet crossing bearish. over all, this cat is dead. wait for momentum to turn down more then the dumping will pile in.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Looks more and more like a descending triangle now, touch the blue line again the breakdown would be more likely.
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That drop at 11 Chicago time meets all the criteria for an impulse. The pullback was spot on looking at the fibs and stopped exactly at prior support resistance. Then the second drop got complicated. Hasn't even done a measured move let alone the 160 percent for a wave three so once again my Elliot Wave asperations are on the trash heap.
As falsely attributed to Yogi Berea, making predictions is hard especially about the future! That is why I always look at Elliot Wave but I trade price action. It looks backwards and makes the assumption that people will do what they have done several times in the recent past.