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September 2, Labor Day Weekend Market Review/Preview

www.trading-adventures.com

September 2, Labor Day Weekend Market Review/Preview

Welcome to the long, holiday weekend

Andrew Moss, CMT
Sep 2, 2022
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September 2, Labor Day Weekend Market Review/Preview

www.trading-adventures.com

Welcome to the long, holiday weekend.  Congratulations!  You made it.  And that's not been an easy task in this market, this week.

If you're a new reader, first of all - Thank you!  Take a minute to subscribe now.      

     

And while you're at it why not forward this to a few friends?

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Last week the markets put in a pretty nasty red candle with most of the selling coming on Friday.  Momentum like that doesn't usually turn around quickly so I was looking for some follow-through this week.

From last week’s review -

So where does that leave us?  Much more bearish looking than this time a week ago.

Here we are looking up at SPY 410, QQQ 310, and IWM 190. 

Not bullish.

Can prices find support and resume the move higher?

Or do they break lower signaling “risk off” once again?

You don’t need to be a technical analyst or a chartist to see things are pointing lower.

Down below, we’re looking at the 50-day moving averages, then the July 26 pivot, and finally the June 16/17 low as potential support.

So what did the markets do?

Exactly what we expected - downside follow-through.  

SPY 0.00 50-day moving average? no help. Swing low anchored VWAP? no help. The July 26 pivot low? Maybe.

QQQ 0.00

IWM 0.00

$DXY - The US Dollar made the breakout

$VIX - tried to go down, but couldn't stay

Now what? - Bull and Bear possibilities

The bull case is the same; there's not much of one until we see one of these potential support areas hold and help prices stop the slide.

On the flip side, the bear case continues to build. Falling prices, failed support levels, seasonality, etc.

Again from last week:

Risk management is critical in markets like this.

And don’t get in a hurry.

What I'm reading and listening to - I covered a lot this week!

Psychedelics as medical therapies is a radically growing concept.

On this episode of Infinite Loops, Jim O’Shaughnessy talked with Dennis McKenna, a pioneer in this space.

Very interesting.

This little gem from Derek Sivers is packed full of short, quick insights for the entrepreneurial-minded. 

I gobbled up two episodes of Michael Gayed's Lead-Lag Live report.   Both of them feature superstars in the world of markets and technical analysis.

I’ve linked to Spotify but you can find these anywhere you listen to podcasts.

Tom McLellan

John Bollinger

From Twitter

Writing is an incredibly useful, developmental, important habit.  Writing online, aka in public, is even better.  If you've thought about trying but don't know where to start, here's some help.

Twitter avatar for @jposhaughnessy
Jim OShaughnessy @jposhaughnessy
my pal @david_perell just published this 17,000 word essay on a guide to the art of writing online, check it out!
perell.comThe Ultimate Guide to Writing Online - David PerellThink better. Grow your audience. Accelerate your career.
12:14 AM ∙ Aug 30, 2022
121Likes10Retweets

Once again, wise words from Tom Canfield.

Twitter avatar for @Canny4
Tom Canfield @Canny4
When the market finally finds it’s footing and all the signals point to higher prices and trading becomes easier again, will you be ready? Will you be fresh? Will you have all ur capital? Waiting for better odds has so many advantages.
12:17 PM ∙ Aug 27, 2022
212Likes26Retweets

More "wear you out" caution from Walter Deemer

Twitter avatar for @WalterDeemer
Walter Deemer @WalterDeemer
Worth repeating...
Twitter avatar for @WalterDeemer
Walter Deemer @WalterDeemer
Lots of folks looking for V bottom a la 2018/2020. But this time "Don't Fight The Fed" still in force, so market more likely to make an initial low somewhere, bounce, then - at best - go thru base-building process. So if we get a V bottom suspect it will be just a short-term one.
7:22 PM ∙ Aug 27, 2022
277Likes21Retweets

There is good in the world.  This story from Jesse Pujji is guaranteed to warm your heart and make you smile. This video is the finale. So if you don’t want spoilers go to the beginning of the thread.

Twitter avatar for @jspujji
Jesse Pujji @jspujji
TODAY THE BACKPACK ARRIVED!!! We pretended we didn’t know what was in it so she could open it. Here is the moment…
8:17 PM ∙ Aug 27, 2022
2,519Likes54Retweets

Last - Uhhhhhhh

Twitter avatar for @allstarcharts
J.C. Parets @allstarcharts
this is real life
Image
Image
10:55 AM ∙ Sep 1, 2022
207Likes33Retweets

Anything else?

That's all for now. Thanks always for reading, subscribing, and sharing with your friends and family.

I hope you have a fantastic holiday weekend full of fun with those you love.

Cheers.

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***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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September 2, Labor Day Weekend Market Review/Preview

www.trading-adventures.com
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