Posted by The chart of the week:
The Nasdaq is heading for its first double test of the 200 week moving average since 2009.
Tequila!!! pic.twitter.com/mLvryD2ZXl
— Mac10 (@SuburbanDrone) September 16, 2022
There's the week.
If you notice on the weekly, last week bulls had an outside reversal, which signaled a possible continuation rally. However, this week bulls pulled off an even bigger outside reversal going the other way.
Negating last week's signal. pic.twitter.com/eNU9QRsBhX
— Mac10 (@SuburbanDrone) September 16, 2022
Emerging Markets got monkey hammered to new 2022 lows this week. The locus of risk heading into FOMC.
OUCH! Nasdaq 100 plunges 5.8% for worst week since Jan as investors learn that there is such a thing as time value of money. pic.twitter.com/I1qTEWZii1
— Holger Zschaepitz (@Schuldensuehner) September 16, 2022
Respect the trends pic.twitter.com/MSRCqppOyI
— Alfonso Depablos (@AlfCharts) September 16, 2022
With the S&P 500 down -18% YTD, the average stock has declined -25% and remains near the -2 standard deviation level that is often associated with a bounce. The question now is can we hang at these levels for an extended period of time like the 1998 – 2002 period. pic.twitter.com/lbGrzGZiwb
— Strategas Asset Management (@strategasasset) September 16, 2022
A lower low in September is still a viable scenario because the short term cycle since the June low has been an 8-10 trading day cycle, and if SPX bottomed today it means that the next short term low is due on September 28-30. https://t.co/86mx18pAR3
— CyclesFan (@CyclesFan) September 16, 2022
Thanks to @Barchart for colorful market performance that speaks volumes about state of market!
It's about MA and not many above 50d and 200d. pic.twitter.com/Nh7bgYGZw0— Rosanna Prestia, MBA (@RosannaInvests) September 16, 2022
The $SPX Energy sector has the highest % of Buy ratings, while the $SPX Consumer Staples sector has the lowest % of Buy ratings. #earnings, #earningsinsight, https://t.co/IXWYccs96i pic.twitter.com/qb1nu4xnqE
— FactSet (@FactSet) September 16, 2022
Based on this 2008 analog, we may get a bounce after the Fed meeting, but then it looks rough until October 24 +/- a day or two. $spx $spy #sp500 pic.twitter.com/GCdIqVPwOl
— Michael J. Kramer (@MichaelMOTTCM) September 16, 2022
Once again, everyone seems to be panicking, but no one is selling.
Check out the blue part: less inflows, but no $ outflows – unlike the GFC. pic.twitter.com/T8qGROfC5E
— Oktay Kavrak, CFA (@OKavrak) September 16, 2022