A Perfect Ten

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Over the weekend, I did a trio of posts, each of which began with “The next few weeks might – – might!! – – be a bearish oasis in a vast bullish Sahara.” Well, starting with Sunday evening, I had a feeling that conjecture might come true swifter than I had hoped. This morning, I was glad to have been (a) totally out of crypto, which seems to slavishly be following equities (b) fully committed in my put options accounts.

I’m still starry-eyed bearish, even after Monday’s drop, but I did make efforts today to push my timetable out, since my October 15th options were making me uneasy. I am now more relaxed in November and December options. Keep in mind, besides all the Evergrande insanity, we’ve got that sumbitch Powell on Wednesday, so this is going to be quite a week!

Below I share ten major indexes with my remarks in the caption area.

With almost no exceptions, today created helpful price gaps across the board, thanks to the tremendous gap at the opening bell. These levels will be important stop-loss prices for longer-term bearish setups.
Although most of my charts feature a horizontal line anchored to Friday’s low price (as the price gap value), the tech stocks are kind of weird, since they are in more of a wedge pattern. This is cool, though, because we even managed to cause damage to the trendline dating all the way back to the October low of last year.
The Industrials was down nearly 1,000 points at one time on Monday, although a last-session BTFD rally helped temper losses. However, I think today might have been a vital inflection point in what we’re going to see from here on out.

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