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Holding Last Month’s Highs, What’s Next? 23Aug, 2022

Market Outlook – The Musk-Twitter fight heats up, markets hold the fade from yesterday, and traders wait for more market news as we inch closer to the Jackson Hole, WY, event of September. The Fed is forging ahead and most hedge funds are leaning hard into the trade of more hawkish behavior – the end of the week is going to be filled with fireworks.

Here are the ES_F levels to watch – the ones we blasted through from above yesterday will loom as resistance 4156 and then 4178. The levels below 4112 and 4082 are the next support drops


For SPY, those numbers are 423 and 417 above as resistance and below 411 and 409 below – with a possible wick down into 406 that should immediately bring buyers.


A lot of people are getting in front of the trade – this very well might be buy the rumor sell the news setting up, so be very careful here.

Images that bring the news to us at a glance

RSI Snapshot for strength
With housing news ahead, this one is also interesting
How people describe whether they are thriving in the latest Gallup poll
The Commodities Super Cycle is far from over
correlations shifting
Great recap from Bespoke for price movement since 6/16
Overbought and oversold