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Michigan Consumer Sentiment Ahead- 12Aug, 2022

A much watched level by the Fed- the Michigan Consumer Sentiment is ahead

Market Outlook – Traders are holding support levels in a measure of early enthusiasm from falling fuel prices and this is sure to lift the level on consumer sentiment and likely fuel another press higher that runs more stops as the quarrel between the bulls and the bears heats up.

ES_F -The level near 4224-4230 is still heavily contested and we can see that there is a flow event of almost 70 points of slush in the fight at 4180ish and 4265ish as the back and forth. Let’s let the quarrel carry on before we jump in the fray directionally. There are still a great many broken things that need to be fixed and we are still distressed in terms of economic conditions – particularly globally.

For the SPY, this means we watch the 417 region to hold as support in the latest dogfight with about 4.5 points on either side of the number giving us the slush.

Yesterday

This image surprises me. I would think it would be more neutral -especially as we consider price movement

From Captain Financial
From CNN – this one ‘feels’ more correct but the quant data from Captain Financial is quite robust

I am traveling today so not going to be doing any trades other than monitoring what we currently have. I will see you all on Monday – take care and be careful. Watch the supports. It is the only thing that really will tell us what is happening in the current price action.