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Wrapping Up on the Two Week Stay in the Carolinas- Jan 24, 2022

Futures are down a bit and I am still here for a couple more days in the Carolinas before getting back to FL. The juggling of keeping up with the futures levels during this time has been a bit daunting but I should be back up to speed by the end of the week being home.

As the morning engages, members should head to the Microsoft Teams app for the real time updates in both the futures and the stock options we are following.

Jerome Powell will be speaking on Wednesday and everyone is watching to see how he responds to the market slide and the upcoming rate hikes with enough traders looking at data and suggesting he will blink and come off the ‘aggressive’ tapering stance that the market will continue to be both volatile and non-directional overall.

Traders overnight tried to bounce the futures off Friday’s low but that has not held, and with the very bearish candle from Friday it seems apparent that we will find sellers with the bounces until we stop making new lows.

For the ES_F 4260 looms as the next level of lower support, and for the NQ_F that number is 13960 – many fund managers believe this fade is going to run until Powell makes an announcement.

I will put some charts up once the morning settles in and we have a clean look at intraday levels of engagement

PS-For those of you asking, the latest fall Mom due to her balance eroding had ended in another surgery and complete immobility, but that is getting better even as her other senses dull on the tough slide downward. Getting old isn’t for wimps, she always says.