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The bulls put in a strong day yesterday and almost tested triangle resistance. The RSI mirror triangles on the daily chart broke up and I would normally now expect to see a thrust up from the triangle to follow the RSI triangle breaks. However SPX has not yet convincingly broken back over the daily middle band, or broken up from the triangle, or broken the last significant high at 2114.24. SPX also needs to establish some support and that is the main issue for today. SPX daily chart:
OK, it’s really early, so I’m not going to bother researching. I’ll just ask instead.
On Monday, the market exploded higher. Crude oil and related companies in particular vomited particularly energetically, with some stocks zipping 40%, 50%, or even more on the day. This led to a fairly miserable session for your humble narrator (whom, I think we can all agree, really only deserves pleasant, profitable sessions. I mean, he’s a nice guy and all).
The reason for this mega-rally? Simple: because the completely fake Chinese economy is falling to pieces, there was hope that the Chinese government would intervene. Since we live in totally inauthentic markets where central bank intervention is all that matters anymore (well, that, plus really retarded corporate names like “Alphabet”) bulls around the world bid up prices like mad.
Well, it happened. China intervened. They took action.
So now, as I stand here, with my dogs staring at me waiting for their walk, I ask you this sincere question: why are equities crumbling, and why in particular has crude oil lost 100% of its utterly baseless gains from yesterday? I’d really like to know. Because the world is pushing me to the point where very little makes sense anymore.
