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Buy the Rumor- 12 Sept, 2022

Friday was like so many others in the last few months, giving us a large range expansion – over 1%. What we have been seeing is that Monday ‘generally follows along’ but Tuesday it shifts into another trend. And this Tuesday and Thursday, we have a slurry of data.

Market Outlook – I have posted the newest futures levels in the Team room for those of us trading that set of instruments.

HERE IS THE SPY

SPY

HERE IS ES_F

ES_F

Traders and investors alike are following the movement of the $DXY of late and its inverse correlation that began in the 2007ish area to the $SPX. And they are still watching it now. In general, we are watching the two rise together but when the dollar really expands upwards or sharply downwards, it affects the trajectory of the $SPX chart. This latest expansion of the $DXY began after the fiscal stimulus in the COVID event and it is in the space of continuation.