09/23/2022 Live Update

[te_fern]

Crazy market, needs some buyers!!

[JFR]

Alternatives.

Goin' South: DBC IAU IYR SPYG SPYV USO

Goin' North: UUP

Goin' Nowhere: TLT

[te_fern]

Looks like a crash channel, better break up thru this blue line or we may drop a lot more this afternoon.....

[te_fern]

I guess the sideways action was just this morning. Looking down right now. No positions....

[Al_Dente]

(Reuters) - The Dow Jones Industrial Average was down more than 20% from its Jan. 5 intraday record high on Friday amid worries that aggressive policy tightening by the Federal Reserve will push the economy into a recession.

The index would confirm it has been in a bear market if it closes more than 20% below the record high close, according to a widely used definition.

[Trades w 2 Cats]

CT news is rating Powell's 5 minute speech as potential high impact.
Panda Master Wu pointed out on Twitter last night that Powell is usually good for a 150 point sell off.
So I guess you better have your popcorn ready

[JFR]

ES 5 minutes. Heading south. Breaking through a support level.

[BullBear52x]

This is a crash! get ready for next week action. /ES is heading to 3661ish ? last line of defense. this is bad.

[BullBear52x]

It will be a miracle to have positive price action today, until then....

[te_fern]

We have pushed above the blue line, so it won't be straight down! LOL! Took my first loss of the day, time to quit??

[Al_Dente]

THE BIG THREE:
I thought maybe we'd see an inverted H&S, but no,
we're testing the June low
Daily

[BullBear52x]

Sell setup, until this sell fails will bulls got a say.

[BullBear52x]

sell failed, bulls turn from here.

[te_fern]

Someone said Powell had a 5 min speech at some conference and that might move the market a lot. Just don't know which way..... Not going to get in front of it!

[te_fern]

Around 2:00

[BullBear52x]

Looks like we are going to get a positive reversal after all. Miracle do happened.

[Al_Dente]

FWIW
A sketchy long-term H&S (cyan) shows the target down below the June low
Daily

[BullBear52x]

If market is not bottom of sort when <5% of SPX stocks are over 20 MA then 1930 is not a bad joke.

[koolblue1413]

Someone said Powell had a 5 min speech at some conference and that might move the market a lot. Just don't know which way..... Not going to get in front of it!

On average, we get a 140 point down day whenever he opens hi mouth

[koolblue1413]

The vix is over 30 where interim bottoms occur...however major bottoms are usually around 45