The market is on the brink of a weekly bearish MACD cross
Signaling a downward shift in momentum
This week's close will be crucial pic.twitter.com/XH14SmzsSU
— Game of Trades (@GameofTrades_) August 17, 2023
MARKETS ABSOLUTELY POLEAXED INTO THE CLOSE; CORRECTION TERRITORY FOR EQUITIES LOOMS *
— The_Real_Fly (@The_Real_Fly) August 17, 2023
The S&P 500 just broke below its July 10th low, at 4390, officially invalidating the uptrend stemming from May 4th.
This is the first time a LOWER LOW will form in nearly 4 months.
Bears have broken below many key levels of support in just a matter of days.
Volatility is back. pic.twitter.com/XJTZRZGpZ0
— The Kobeissi Letter (@KobeissiLetter) August 17, 2023
Any questions? pic.twitter.com/iPvPSc7Qiu
— Mac10 (@SuburbanDrone) August 17, 2023
It was another ugly close for bulls, who are one step closer to the Jackson Hole next week. pic.twitter.com/T7aOHwy8rx
— Mac10 (@SuburbanDrone) August 17, 2023
Same day options are blamed for this erratic market. The problem with that argument is that a one day put pushes the market down at the open and up at the close.
But, we're not seeing flat closes. We're seeing down closes.
Minor detail. pic.twitter.com/pZbfSoblfh
— Mac10 (@SuburbanDrone) August 17, 2023
You can't make this up:
On July 27th, the Fed said they are no longer forecasting a recession.
Since then, the S&P 500 has lost $1.8 TRILLION in market cap.
Then, on August 4th, JP Morgan said they no longer expect a recession.
Since then, the S&P 500 has lost $1.3 TRILLION… pic.twitter.com/K1HHgMWr4C
— The Kobeissi Letter (@KobeissiLetter) August 17, 2023
Domestic banks have rapidly tightened lending conditions, making it harder for businesses to access credit
Current levels have systematically anticipated recessions:
– 1990
– 2000
– 2008 pic.twitter.com/xtGeNvYKwV— Game of Trades (@GameofTrades_) August 17, 2023
The facts:
— New car inventory is 71% higher than a year ago.
— New car incentives have increased for 10 consecutive months.
— New car loan rates are at decade highs.
But the big question remains: will this lead to significant downward pressure on prices?
(Data via Cox Auto)
— CarDealershipGuy (@GuyDealership) August 17, 2023
The countries that have entered a state of recession:
Germany
Estonia
Hungary
Netherlands
New Zealand
Taiwan— Russian Market (@runews) August 17, 2023
Here's the issue. In 2020 the crash began 30 days after the Jan 17 VIX bottom
Now in 2023 we have an Aug 15 spike however the initial VIX move was Aug 2So if you assume Aug 2 was a 30 day warning then Sep 2 would be the start of the crash. If you assume Aug 15 then Sep 15 is it
— Financelot (@FinanceLancelot) August 17, 2023
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