The $SPX rallied right to its 200-moving average, and it was rejected.
We bounced in the morning due to CPI, which was bullish for the market. Unfortunately the market is worried about other things.
Banks are really stinking up the joint.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
The $SPX rallied right to its 200-moving average, and it was rejected.
We bounced in the morning due to CPI, which was bullish for the market. Unfortunately the market is worried about other things.
Banks are really stinking up the joint.
by David
From the Desk of Kimmy Sokoloff
We’ve got CPI up at bat this morning.
I’m sure we’ll see wild swings, so it’s hard for me to pick a stock before the data.
by David
From the Desk of Kimmy Sokoloff
Overall, I’ll give the market credit: It hung on most of the day.
Tomorrow morning we have a CPI report, so that may be a different story.
by David
From the Desk of Kimmy Sokoloff
The market is very erratic right now.
Last night the futures were as high as 3,970, and now we’re back to 3,900.
by David
From the Desk of Kimmy Sokoloff
What a week.
On Monday in the live trading room I said $SPY is at 407.40, and we are extended to lock in some profits.
I didn’t think we’d see SPY 390 in a matter of days.
by David
From the Desk of Kimmy Sokoloff
All the major indices broke below their 200-day moving averages.
That’s not really what I wanted to see, but it happened.
by David
From the Desk of Kimmy Sokoloff
If the market can hold on to yesterday’s low, I think there’s potential we can head higher.
We really need to push past $SPY 400 with force and head straight to 405, then 408.
by David
From the Desk of Kimmy Sokoloff
Fed Chair Jerome Powell spoke again today, but the market could not get going to the upside.
The semiconductors have been very strong this week. That’s usually a positive sign for the market.
Maybe they’re decoupling; time will tell.