7780 Said No Again. Fingers Crossed for the Big Bear Drop

This is likely to be a short newsletter, as nothing really has changed on many of the things I watch.

September has tendered its resignation but remains in the building while it works its notice. Another new week and the end of the month is looming, September is almost, not quite but almost, at a close.

Right then, let’s get into the charts.

Market Snapshot

• ES (S&P 500 futures): 7,764.25, -0.53%. Flipping off the highs we noted last week, more below.
• NQ (NazQuack futures): 30,588.00. Flipping off the highs alongside SPX.
• YM (Uncle Dow futures): 51,960, -0.42%. Continuing the lazy decline with Uncle Russ.
• RTY (Uncle Russ futures): 2,841.1, -0.66%. Lazy decline continues, more below.
• VIX: 16.32, +9.68%. 16 is less a level for the VIX than a place it goes to think. VIX is diddling with 16 again, 1 to 3 days before an anticipated U-turn, assuming the same behaviour continues.

RUT – Continuing the lazy decline.

Dow and Russ are continuing their lazy decline, and my fast bear move is once again looking possible, which could be timely for the typically October bull. Some of the best Octobers have developed on the back of an equally large bear run.

Fingers crossed.

SPX – Flipping off the highs we noted last week.

SnP and NazQuack are flipping off the highs we noted last week, the dailies and the 30 minute are making a lovely V-pattern entry, which with the overnight moves will likely gap through the apex.

The 7780 zone has once again declined the market’s application, referring it to the previous applications on file since August.

SPX swings are speculative for me off the resistance high around the 7780 zone, which we have seen price react off multiple times since Aug, and this time is no different. If the same theme continues, a new low towards 7500 could be expected before any potential turn back up, unless that big bear drop comes good. Fingers crossed.

Speculative swings off 7780, with 7500 the next low in view.

Meme of the Day: