Good morning, everyone. Well, another exciting week is ahead of us, with FOMC being the highlight on Wednesday, and we’re already off to a good start.
Last night, the /ES tried to mount a rally against the selling. It managed to beautifully match its failure point from Friday before simply resuming the bleeding, As God Intended.
Looking at a much bigger picture, this time with the /NQ, you can see that it will be no easy task for the markets to simply melt right through the area I’ve highlighted. It’s either going to take a steady bleed-out, with “investors” getting increasingly nervous, or some oh-my-gard shock event to just outright lurch the thing lower. As my paying subscribers know, Friday marked a jaw-droppingly important point in the market which, regrettably, has equal opportunities for mega-rally as it does for wipeout. I’m positioned for the wipeout, naturally.
The chart which has me over-the-moon thrilled is crude oil, which I’ve been harping about for weeks. The energy top is gargantuan, and I’m delighted that the good people of Earth are convinced that oil is on its way to the moon. I think the energy bear market is going to be one of the ages.
Oh, and crypto – dear, sweet crypto – continues to erode beautifully. We are gently breaking down below the last meaningful support for Bitcoin.
Plus, I’m delighted to say, the last last support levels for Ethereum have been broken.
The bull/bear battle is going to continue to rage (remember for every one Tim out there, there are about 10,000 Jim Cramers, Cathie Woods, and Tom Lees), but I’ve got a good feeling about the week ahead.
