In the markets some gamblers are attempting to push the markets higher by buying near the money calls with short term expiry, large bets. A billion here and there will not fix anything.
Break below 3785 and evidence is provided the corrective upmove is over. The next leg down is impulsive and the manner it closes this week is very determining. Powell is on tap at 2am and he will deliver the jumbo hike or he may fold, in any case market participants are all but underwater and large catipulation has yet to begin.
Yesterday the market made a new round high and closes lower than previous days closing after making a lower low than the previous day. This incident is called "Key Reversal Major".
Often it marks a trend reversal and today's continuation to the downside and break below 3785 will provide further evidence and confirmation to this scenario.
Am looking for a 2% or lower closing on the day.
The other interesting thing last night was the plunge in the VIX, the market's volatility index.
Simple minded private bankers buy these as a hedge to their own long only portfolios. What fallacy when it's evident volatility is greatest with FOMC on tap but the index declined to lower lows when it should be higher than where it is due to uncertainty of Powell actions tonight.
Manipulated to fool.
Seems you entered wrong password click here to enter password again.