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10.06.23 Market Report: No, Non, No, Nyet, No, No

Markets like this bring back memories.

The morning started out with the “nobody got the NFP correct” including yours truly. I expected a hot number but not one contrived from Hunter’s crack pipe.

Ah well, this too shall be revised.

The week started on Monday with the S&P 500 closing at 4288 and finishing the week at 4308. A whopping 20 point gain but trading in over a 100 point range all week long. The daily charts speaks volumes although the volume in these markets does not:

Based on the last two weeks, the lower range is now 4200, upper range 4430ish and stuck until a large volume move occurs. My money is on a breakdown as earnings reports continue to warn as layoff announcements are ramping up along with commercial real estate unraveling putting even more pressure on the financial sector.

The long term is not much better:

The long term downtrend since 2022 on a weekly basis is still intact. Despite this spring to summer bear market rally, the downtrend is still intact. On the good news side of things, the 300 day moving average which I follow for weekly analysis is intact and 3600 still remains the line in the sand.

For now.

Thus the no, no, no, no, no, market continues:

No volume

No direction

No confirmation

No breakout in either direction.

At some point the music will change and I believe we are within a week, maybe two for this action with volume to occur.

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