Just Like clockwork...

[jatelle]

I follow Ryan Detrick CMT on Twitter. I appreciate his balanced informed perspective on the markets:
https://twitter.com/ryandetrick/status/ ... 8itAKzgy1Q

[jatelle]

The tech sector has been struggling the last couple days with tech giants META and APPL etc. both down. Yet, this is all VERY healthy and actually bullish for the overall market. Bears' biggest thing was "once tech dies market will crash." Well, tech is pulling back hard and SPY is green. Other sectors are stepping up now to broaden participation in this rally.

[jatelle]

FOMC did little to dissuade the markets as SPY’s range was still just $3.61 while continuing to grind up from the most recent Bull Gap. On the Daily chart, we are oversold with an RSI of 72.64, but on the Monthly chart, we have just put in a Bullish MACD cross. The Delta Distribution remains bullish even 10 days out.

"The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher Thursday, it would be a streak not seen since 1897 — about a year after the benchmark was created."
https://www.cnbc.com/2023/07/26/the-dow ... s-why.html

[12squared]

Mid-cap, small-cap and NYSE intermediate term momentum oscillators are signaling that a retreat has begun.
https://stockcharts.com/h-sc/ui?s=%21IT ... 7468455518
https://stockcharts.com/h-sc/ui?s=%21IT ... 3396451602
https://stockcharts.com/h-sc/ui?s=%21IT ... 2287198185

[jatelle]

12Squared thanks for sharing these momentum oscillators. They are great early signals! I will be watching for an interim top coming this month. And then the market will make a healthy consolidation.

[jatelle]

https://www.investopedia.com/articles/i ... matter.asp

The 10-year yield is used as a sign of investor sentiment about the economy. A rising yield indicates falling demand for Treasury bonds due to a strong economy, which means investors prefer higher-risk, higher-reward investments, while falling yield suggests the opposite.

[12squared]

12Squared thanks for sharing these momentum oscillators. They are great early signals! I will be watching for an interim top coming this month. And then the market will make a healthy consolidation.

All three momentum oscillators declined yesterday, after reaching levels not seen since January '23, August '22 and December '20, suggesting that the markets are quite overbought. Also, the SPX Bullish Percentage index is declining today (4th straight) while the S&P rips higher - a divergence that suggests exiting before the crowd notices the fire.
https://stockcharts.com/h-sc/ui?s=%24BP ... 1300522877

BPSPX & SPX 28Apr-28Jul23.png

$BPSPX at 80 is just above where it peaked in Aug '22 and Nov '22 before S&P pull-backs.

[wingchaser]

I can't get out fast enough...

https://www.cnn.com/2023/08/02/investin ... index.html

Best of Luck (everyone) in all you choose to endeavor!!!

[wingchaser]

Quadruple Bottom may [be] indicative of absolutely nothing…

Unless it is (otherwise)!!!

Best of Luck (everyone) in all you choose to endeavor!!!

[bloobs]

Quadruple Bottom may [be] indicative of absolutely nothing…

Unless it is (otherwise)!!!

Best of Luck (everyone) in all you choose to endeavor!!!

I say/guess/assume/conject if it closes below that 4-pointed support today, it confirms the leg down for the next few weeks. Otherwise, it may continue to consolidate as it has been or even turn up in that time frame.

[jatelle]

The bull gap bottom is at 442.97. Right below this is the Daily 50 SMA at 442.71. These are critical to hold. If the bulls lose these two levels then this will confirm more downside for the next few weeks.

[jatelle]

Today SPY filled the Bull gap and closed below the Daily 50 SMA.

[jatelle]

SPY failed the re-test of the Daily 50 SMA, closing near lows, filling the Gamma Ghost Zone to 440 with seller volume firmly in control. Next support levels are 433.59 (low of June 14) and 431.19 (low of June 26).

[bloobs]

So here we are this morning..........

• Elon decides to crash Bitcoin

• Evergrande finally maybe starting a twofer long-awaited China deflationary spiral and global comm'l real estate crashes rolling

• Monthly options expiration day

My hypothesis (not theory) is that somehow with all the above happening, the SPY will still close above 430 today. Because the options market players are king and the put wall is set there. I'll let you know at 4pm

[bloobs]

So here we are this morning..........

• Elon decides to crash Bitcoin

• Evergrande finally maybe starting a twofer long-awaited China deflationary spiral and global comm'l real estate crashes rolling

• Monthly options expiration day

My hypothesis (not theory) is that somehow with all the above happening, the SPY will still close above 430 today. Because the options market players are king and the put wall is set there. I'll let you know at 4pm

Yup