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So it looks like we’ve got a bunch of mixed signals and sentiment. Unrest in China, inflation fears, economy slowing, Covid continuation, concerns about higher corporate taxes (please !), domestic politics and lingering “funk” about Afghanistan. So lets try to break some of this down via the chart.
A top to bottom view: Market Sentiment actually improved a little this week and remains positive overall. Money Flow is negative (not much buying on Up bars) and Volume Flow is pretty much neutral. Price Action is negative, just because we’ve had a bunch of down days the last (near) 2 weeks, but nothing terrible (yet). Prices remain in that upward sloping channel and above the 14896 support level. The volume spike on Friday was the predictable surge due to options expiring on the 3rd Friday of every month (plus futures too).
Now that options expiration is behind us, let’s see if we get some renewed buying interest next week . . . “Buy The Dips” as they have for years now. OK, the Covid scare was the exception, but that was not a surprise either.
(more discussion at www.special-risk.net)
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