Market Review - Tue 2022-09-13

Long Term Picture 1Y/D SPY

When I woke up this morning, the market was up already big time again. That was before the CPI report hit. Inflation for August came in higher then expected and that spooked the market big time.

Market SQN

The market SQN number goes back at the border of bear to strong bear. The market volatility number is going up again. If we can't hold the 390 level, we can easy go back to the 360ish level.

Big 5 And VIX

For SPY, IWM and QQQ the lower trend line is still intact. Not so much for DIA. EEM is almost back to support. The VIX is right at short term resistance. None of the moving averages are in the proper order. They are all opposite (3SMA = black, 30SMA = red, 10EMA = blue, 20EMA = orange).

Conclusion

If we hold 390, I expect it to bounce up and this was just a knew jerk reaction. Otherwise my next target is 360.

There is always a bull market somewhere.

Disclosure

I have been beneficially long the shares in SPY, IWM and QQQ. I wrote this article myself and it expresses my own views and opinions. I am not receiving any compensation for this. I have no business relation ship with any company whose stock is mentioned in this article.

I am not an investment advisor or professional. This article is my personal opinion and experience and is not meant to be a recommendation of the purchase or sale of a stock or option. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters.