What a day we had yesterday. What an intraday reversal we saw. So many bearish engulfing candles.
All 3 major averages took a sharp turn towards the end of the session, falling more than 2% off their intraday highs.
Some say is due to Fed’s Kashkari’s words, some say is the news on Ukraine-Russia war. But these are all just speculations.
Trade with the trend.
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After experiencing a period of lackluster performance at the start of the year, the $S&P 500 Index(.SPX.US)$ finished at an all-time high for the first time in two years on last Friday. Following that, the index once again reached a new high this Monday.
The large-cap benchmark S&P 500 index SPX finished at 4,839.81 on Friday, surpassing the prior record close of 4,796.56 set on Jan 3, 2022. This Monday, the index continued to climb, reaching ...

The Federal Reserve is now expecting inflation to fall to 2.4% next year, which is down from what was forecasted in Sep this year, at 2.5%.
We had a pause in rate hike for 3 consecutive meetings.
Powell was just short of declaring victory for the fight against inflation
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The VIX index has dropped to a 4-year low.
For those who are not aware - VIX measures the expected movement of S&P 500 over the next 30 days. However, it is more commonly known as the fear index
So when it drops to this low, it means there is excessive bullishness in the market.
And when the market is getting very bullish, greedy and complacent, maybe it’s good to be cautious in the short term,
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Nasdaq and S&P500 were green on Monday, yet the big tech Mag 7 were down. We are seeing abit of rotation of funds from these big players to other companies.
From technical point of view, this is good, because some of these giants have gone up a little too fast. We need such pullbacks to cool off the indicators before going higher. The good thing is that the other sectors are green - which means, the rally is broadening up
        $GlobalFoundries(GFS.US)$ $JPMorgan(JPM.US)$ $Goldman Sachs(GS.US)$  ...

The breadth in the stock market rally is improving. More industries and stocks are participating in this rally. All 3 major indexes are on their way to a solid positive green month.
As long as we have not major surprise from the economic reports and wars, the market could be on its way to a year end Santa rally
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Yesterday’s pullback was normal in a run up. I mean, we already had 1.5 weeks of consecutive rally, so a little red is okay. The decline could continue into today just to wipe out some late call buyers.
Bulls should only panic if we break key support levels. Otherwise, there is still a possibility of year end rally.
More pullbacks give me opportunity to sell Puts
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We had 8 consecutive green candlesticks. Last year, the record was 11 in a row.
If CPI prints good today, we could be on our way to match last year’s record.
Just like Tesla, Apple is floating at a zone where bulls and bears are fighting it out. This area is around 179-181
CPI shall be key.
$Apple(AAPL.US)$