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So as rotten as it is that the market is exploding higher, in spite of a bear-friendly CPI, I would like to take a brief victory lap that my ceaselessly-cited 3500 target on the S&P was achieved. I would further like to note that the last time a major Fibonacci was hit (see yellow tint) the market rallied for over a week, stalled, and then rolled over. With nothing but 2023 puts at this point, I’m OK waiting.
I’ll come right out and admit it. I’m scared to pieces about Thursday morning. An hour before the opening bell, that’s when the CPI report comes out. It’s one of those events which have become as important, or probably even more important, than the FOMC circus. The reason being, of course, that inflation is all anyone worries about, and this one data point (the CPI) will be an important suggestion as to whether it has topped out or if it’s still running hot.
Just to exacerbate this worry, here’s the QQQ. The tinted area shows where a major Fibonacci support level and a major supporting trendline converge. It would make abundant sense for the market to go raging from here. By the same token, if this level fails, the bears are going to run naked, screaming, through the bourses of the world, because 3200 on the /ES will be on the menu. Anyway, I’ve raised some cash out of being a total namby-pamby.
There’s not much else to say. My Tesla short idea from just last Thursday has been nothing less than spectacular.
For you PREMIUM members who have made a fortune on this, I respectfully suggest consider taking some profits, as we are approaching major Fibonacci support.
Good morning, everyone. Well after the disappointment on Monday (plunging Sunday futures followed by explosive green streak), on Tuesday (higher all day long), and Wednesday (plunging markets earlier, then an hour after the open, massive bull move higher), I am utterly skeptical of anything I see in front of me. As I type this, nearly two full hours before the opening bell, the entire screen is red, and it doesn’t mean a damned thing. I will only note that, in recent days, the 3802 level on the /ES remains sorta-kinda decent resistance.
What a bizarre day. It looked like, in the early going, it was going to be Bear Revenge day for the travesty of Monday and Tuesday. In short order, the bulls came absolutely roaring back. I will point out, with no small degree of interest, that the /ES got almost precisely to the major Fib and then slipped.
