Friday was a nasty day and came after a negative GDP report for Q2 2022.
As bearish as things look (and if the dark side of the news I posted last week happens and consumer sentiment dries up as a result, it could really be bearish), I still think this market is grasping at ways to be bullish (as you see in the video by the level of selling in general versus buying).
We likely will test the 12000 level or slightly below that on MQNU22 before we see if buyers support, owing to the fact that we very nearly closed ON the low Friday. The full magnitude of what is to be seen in Q4 and what was seen in Q3 doesn’t hit until October 1, but the near-normal craziness of market action doesn’t happen until the big boys evacuate the Hamptons and get back on those trading computers. Before that, the trading “algos” will kick in to scrape profits.
Let me know if you want me to explore further other things (metals, crypto, or particular stocks) and I can add them to this commentary with chart analysis as you need it.
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Sorry for the length of the video, but I think the commentary is helpful.
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