Hello Everyone,
Admin Comments: One of the ES systems bear long triggered a 1st entry long
Running late this evening do to a family affair. As far as the market as you know CPI came in hot this morning, which initially took the futures down, which then recovered and we tried to see a bounce after the open, however that failed and price sold off again. The problem with that early bounce was that tech was not participating, which doomed it to fail. The major indexes lost -1.6% to -3% with tech taking the brunt of the sell off. For now the major indexes continue to simply work lower, the SPX and QQQ have potential falling wedges on their 2hr and 1hr charts, we'll see if prices can stage a bounce soon or not.
The other problem with the market is the crypto market, which continues to be taken to the woodshed. This area has been leading and the market will have trouble finding a low until crypto stabilizes.
Commodities stages a rally today, even precious metals, gold rallied off its 200 day MA.
Bonds have rallied strongly since Monday, remember I called for a trade low in this area on the weekend and Monday.
Matt
