While Australians continue to panic, US markets continue to chug along
US small caps added another 2% to their 1% gains from friday & back to their highs again
CPI data tomo night for them, so they continue to stall
Not breaking out again & not rolling over
If they get a 3 handle on cpi, their rates are now higher than the cpi & there's no way in the world the fed raises rates
Even though most markets are now pricing in rate rises with bond yields at ridiculous 2022 highs again
Bond yields should tumble & markets will take off again
Dxy lost the daily on Friday & now failed 2 attempts at the hrly
Also lost first support line
Hopefully a retest of that support line to become resistance tonight & then roll over further tomo night
Then I get my blue arrow
All bulls need is decent cpi data tomo night & 4500 Spx will get hit this week & they extend their rally through august (I would find it funny if they took it 4500 before the data release & then sold off after bulls buy the news. Then bounce back again to new highs after everyone sells thinking markets are topped out)
US markets have now returned to pre covid crash trading conditions for the first time in over 3 years
Ftse has returned to worse than 2022 trading conditions & the worst condition in over 3 years (I'm guessing it has to do with their last unexpected rate rise they had & telling the market they'll do 2 more)
They have been dumped since April
They're now as bad as when the banks collapsed in march
They will bounce back eventually though (& it should be a strong run as they've cleared their runway)
Xjo has tried to replicate the ftse (even though we didn't raise our rates)
Australians are just sheep that got confused between US market rallies & Ftse dumping (both teams claiming victory & both teams getting screwed over)
While we broke our uptrend last week, we had our first batch of severe panickers last thurs night that sold through Friday to reset again for the thousandth time. Our 2nd batch of panickers out of the way yesterday selling at market lows again (not as many as friday but enough to make new lows)
If we get a 3rd batch of panickers today, we suppress 1 more time & then the gamblers will either be proven correct or they begin their short covering /panic buying now
We might get our first decent market top since Feb
My long positions won't be safe until the xjo is trading back above 7080 & can confirm our next uptrend
Xjo only needs to close above 7020 today & it finally jumps a fence (failed miserably yesterday)
In the mean time bears can continue to claim victory until the xjo is trading back at 8200+ in the next 12 months & I can finally say I was right all along
Haha
Doesn't bother me either way. The more sellers we have at market lows, the less passengers the next bull bus has & the bigger the upcoming rally
You can call me a madman all you like
But I do believe everything I post, as it eventually pays off
(20min delay)