Slurry of Data – 8 Sept, 2022

Market Outlook – Big bounce off the bottom finally after all those extreme readings. Today the floor is 3960 and the current ceiling is 4000. Breaking these edges means that we need to step aside and let the market confirm its direction before we engage. We are likely to see the high fliers take over like biotech and meme stocks and crypto if we continue to rise. The $TLT ETF has taken its first meaningful bounce so we need to watch currencies again today. As I mentioned yesterday, the currencies baskets are affecting the market with a fair deal of correlation since the $DXY is so high. A meaningful dip will bring more buyers in.