Posted by A couple more downside levels to watch.
We got within 3% of the Feb 2020 peak Thursday morning
Sept/Oct 2020 lows, June 2020 peak low 3200sQuite reasonable. $SPX pic.twitter.com/9GRWm4YwOZ
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 15, 2022
Lottos are everything now…
More than 40% of $SPX option volume in Q3 has had less than 24 hours to expiration.
Imagine that! pic.twitter.com/Y4pFtRum39
— Markets & Mayhem (@Mayhem4Markets) October 15, 2022
The $SPX price earnings ratio is now at 18.64, a bit higher than it was at the June low. When it gets to ~16 where it was at the 2020 low it will start being attractive. If it drops to below 13, where it was at the 2011 low, it will become very attractive. pic.twitter.com/f4PGyajytZ
— CyclesFan (@CyclesFan) October 16, 2022
Weekly $SPY 2008 vs $SPY today
Courtesy of @MichaelMOTTCM
Have a great weekend everyone 🫡 pic.twitter.com/ls1lJnHL0X
— Michael Burry Stock Tracker ♟ (@burrytracker) October 15, 2022
NYSI got under -1000 this week – heavily negative reading. Here are instances from history, deduplicated within 30 days as I wanted to show the first touch under limit.$SPY usually finds it hard to just keep dropping further like a stone, warning sign for bears. pic.twitter.com/BVLKSNE9Xz
— Ondra (@Overtrader_83) October 15, 2022
September's core CPI reading of 6.6% was the highest since 1982. pic.twitter.com/YljDysX5WL
— Markets & Mayhem (@Mayhem4Markets) October 16, 2022
When S&P 500 revenues plunge, central banks often intervene, growing their balance sheets as they stimulate markets and the global economy.
S&P 500 revenues haven't plunged yet, so it's unlikely we're going to see anything resembling a policy pivot anytime soon. pic.twitter.com/NWv6aifaht
— Markets & Mayhem (@Mayhem4Markets) October 16, 2022
$SPY Is $342ish the next (perhaps final 2022 low) level where we begin the eoy BEAR MARKET RALLY?
That's where the 50% Fibonacci retracement level is at..
Makes one think…
— Heisenberg (@Mr_Derivatives) October 15, 2022
$TSLA down by almost one third in the last month pic.twitter.com/5joN7mHph8
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 16, 2022
50 day MA of the NYSE New High/Low differential I track is also making a higher low while SPX retests June lows. Sure looks like a failed breakdown setup near and that usually results in a big rally no one sees coming. Just need a catalyst.. or Fed pivot 🙂 pic.twitter.com/RJSSyaxr9k
— Jason (@3PeaksTrading) October 16, 2022
Equity Put/Call ratio 10-week MA hitting 0.75 and the highest level of this bear market. The past two times it got this high was the bottom in March 2020 and Dec 2018. Even if you're bearish here you really don't have an edge. Should be fun to look back at this in a few months pic.twitter.com/pxoMfc68vT
— Jason (@3PeaksTrading) October 16, 2022
This is an extremely illiquid market, and during illiquid times we tend to see wild volatility.
Add to that we have record index/ETF options participation to further add to volatility through leveraged and time sensitive participation.
Get ready for a very exciting week ahead! pic.twitter.com/lsPDHUG5OF
— Markets & Mayhem (@Mayhem4Markets) October 17, 2022