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8/5/2022 Weekly Market Review

www.trading-adventures.com

8/5/2022 Weekly Market Review

Andrew Moss, CMT
Aug 5, 2022
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8/5/2022 Weekly Market Review

www.trading-adventures.com

Welcome to this week's edition of the Weekend Market Review.  There are a lot of new subscribers this week, so a big thanks to those of you who are sharing my work!  And welcome again to all the new readers!

It was a mostly up week in the markets as these changing trends continued. The general opinion seemed to focus on the possibility of the Fed slowing the pace of rate increases.

That changed Friday morning as the jobs report showing very low unemployment put a dampener on things. 

Good news is bad news again? 

The interpretation is that the Fed will have to continue to raise rates aggressively.   After the open most things staged a massive morning rally taking prices back near resistance before heading down to make new lows for the day.   Choppy, range-bound action, which isn't a terrible thing to see after the multi-week move higher.  

The bull case from here would be another day or two of price consolidation just below these resistance levels followed by a break higher sometime next week. 

The bear case is a move below the 8-day EMA.  This could lead to lower prices pretty quickly as things are a bit extended here. 

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SPY 0.00 pause at 417 resistance

QQQ 0.00 in a bit of a wider zone between 315-330

IWM 0.00 almost touched 190.94 resistance before heading lower. 

The US Dollar is bumping into this support/resistance line with no real clear direction yet.

I'll share a look at some weekly charts on Twitter tomorrow.

And in case you missed them, here are some thoughts I shared over there throughout the week.

This chart caught some eyes— Many stock charts look similar to this suggesting the possibility of a move out of Stage 4 decline and into Stage 1 accumulation.

Twitter avatar for @Andy__Moss
Andrew Moss, CMT @Andy__Moss
This image looks very familiar 🤔 $SHOP
Image
2:07 AM ∙ Aug 1, 2022

The familiarity comes from Brian Shannon’s chart on Understanding Market Structure

www.alphatrends.net

Trading systems don’t need to be complicated

Twitter avatar for @Andy__Moss
Andrew Moss, CMT @Andy__Moss
@TrendSpider We don't have to predict the trajectory of the whole world's economy. • Find a trade. • Write your game plan. • Execute. • Manage risk. • Repeat. That's it. That's the whole system.
2:58 PM ∙ Jul 2, 2022
96Likes18Retweets

Some things never change

Twitter avatar for @t3live
T3 Live @t3live
“I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.” -Jesse Livermore
3:30 PM ∙ Aug 2, 2022
5Likes1Retweet

Some things I’ve been Reading, Watching, and Listening to:

Edward Thorp on the Tim Ferriss Show

Twitter avatar for @Andy__Moss
Andrew Moss, CMT @Andy__Moss
Edward Thorpe on the @tferriss show open.spotify.com/episode/4e3F7a…
5:05 PM ∙ Aug 5, 2022

Ed Thorp was on the Tim Ferriss show recently sharing some thoughts and stories.  He is truly a fascinating guy and a brilliant thinker.  He's written books on blackjack “Beat the Dealer,” and investing “Beat the Market: A Scientific Stock Market System,” developed the first wearable computer, and been a very successful hedge fund manager.

The books listed are worth the time.  If you want a preview or a condensed version of his story this is a great interview.

Tom Canfield on the TraderLion Trading Conference

Twitter avatar for @Andy__Moss
Andrew Moss, CMT @Andy__Moss
It's already been said 1000s of times and watched many more, but this @TraderLion_ interview with @Canny4 and @RichardMoglen is a must-watch.
youtu.beTraderLion Trading Conference | Day 4: Learn From The Top Traders In The World🪄 Learn from Trading Legend Stan Weinstein himself. The Stage Analysis Masterclass 👇https://traderlion.com/stan-weinstein-stage-analysis/Hey everyone, welc...
5:47 PM ∙ Jul 27, 2022
38Likes8Retweets

Tom Canfield is a full-time independent trader and CEO of BeDumbFollowPrice.com.  His stories of trading success, struggle, and perseverance are a "must listen" for active traders.  In this conversation with Richard Moglen of TraderLion Tom shares candid views of what life as a trader is really like.

Walter Deemer - There are no atheists in a bear market

Twitter avatar for @WalterDeemer
Walter Deemer @WalterDeemer
My Twitter Spaces with the legendary @gnoble79:
youtube.comWalter Deemer - There Are No Atheists in Bear MarketsRecorded July 21, 2022.Donate generously to World Central Kitchen ➡️ https://donate.wck.org/fundraiser/3816260 Listeners have been asking how they can show t...
7:10 PM ∙ Jul 22, 2022
97Likes6Retweets

Walter Deemer is always good for a solid technical opinion on the markets and a good chuckle to go along with it.  His book “When the Time Comes To Buy, You Won’t Want To: Timeless Pieces of Wit and Wisdom Compiled by a Wall Street Legend” is a compendium of his clever Wall Street sayings.

Some gems from this interview conducted by George Noble:

  • Ours is not to reason why, Ours is just to sell or buy

  • When the time comes to buy, you won't want to.

  • If you want to watch CNBC like the pros, turn the sound off.

  • Just when you find the key to the stock market some SOB comes along and changes the locks.

Walter is also a  founding member and past president of the Chartered Market Technicians Association, former head of Putnam Investments' Market Analysis Department, founder of Deemer Technical Research Inc., author of several other books, and a fantastic Twitter follow. 

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That’s it for now. Thanks for reading this week’s Trading Adventures market review. Let me know what you think by clicking the button ☝

Your readership, subscriptions, and shares are truly appreciated.

I’ll be on Twitter over the weekend with some weekly charts.

See you there.


***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.

Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC.  All trades placed by Mr. Moss are done through T3TG.

Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.   

It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed.  This may reflect the financial or other circumstances of the individual or it may reflect some other consideration.  Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.

All investments are subject to risk of loss, which you should consider in making any investment decisions.  Readers of this article should consult with their financial advisors, attorneys, accountants or other qualified investors prior to making any investment decision.   

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8/5/2022 Weekly Market Review

www.trading-adventures.com
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