Stocks take the pipe the last 4 days with a couple gap-down moves. Today a gap-down occurs from 7635-ish down to 7600 back down through the gap-up at the start of August that created the green island. The island has mountains and valleys and even a coconut tree but the bulls jump off the island creating the island reversal pattern.
Price makes the lower low so the chart indicators can be assessed for potential positive divergence. The stochastics are possie d and oversold agreeable to a bounce. Ditto the money flow that is flat but good enough for possie d. The RSI, MACD and histogram, however, remain weak and bleak wanting to see more lower lows in price going forward on the daily basis.
However, the hyped up inflation data at 8:30 AM EST rules the roost and held back stocks from dropping like rocks since major metrics gave way today (volatility, chips, copper and banks although the banks recovered in the final minutes).
Price tags the lower band so it is open to moving higher to the middle band, that is the 20-day MA at 7692. This would seal up the two gaps left behind over the last two days and would actually be advantageous for bears to button everything up at the top as they move lower.
Donnie Chump's Iran War is a mess with WTIC oil running above 104 a short time ago. Trumpski is yucking it up, joking around, and seeking adoration, at a campaign rally this evening while Americans are raped at the gasoline pump and grocery store. He is a rich guy that has not been in a grocery store in 30 years. The idiot orange head does not know what he is doing, had and has no plan with his Iran War, and states a while ago that he is making military decisions based on the mid-term elections. At least he admits to his ineptness.
The orange-headed idiot is bribing Americans to vote republican, if so, he will provide a $5K check. It is hilarious. Paying people to vote a certain way is illegal. With his corporate takeovers and now easy money stimulus, King Donnie is King Socialist. He is a real estate guy that worships debt. Trumpski practices socialism and at the same time denigrates socialism. All you can do is mock it. You are watching the final throes of crony capitalism filth, why would you want to save this pig slop?
The inflation data will probably adjust the chart so take a look at it after the cash open tomorrow. Price could not hold the 50-day MA at 7604 so it is key resistance. The SPX likes to recover off the 100-day MA now at 7491 a lot during down drafts. Thus, mathematicians say thus a lot, that is why Keystone was barred from attending the 911 celebrations, if stocks collapse after the inflation data, the 7491-ish level is likely a good spot to bounce from for the daily time frame.
Wait for the data that is less than 12 hours away. Oliver's Army is on the island and is now pressed into service to help with the Iran War and relations with Asian nations. Oliver's Army is on their way. Elvis can save the day and put the world right. He warned about London full of Arabs 50 years ago. Too late now. Muslim folks are okay, like anyone else, but radical Islamists are sick religious fanatics that want to murder you. All Muslims are not radical Islamists, not by any stretch, but all radical Islamists are Muslims. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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