9/21 Recap. Why Are You Still Bullish?

The moves today were incredible. Back and forth, nobody could decide what they wanted. The Dollar hit new highs, the VIX is up near 30, interest rates are higher with projections for another 75 BPS in November, and yet some people still think stocks are a buy? I’ve been telling you all to just be patient for a while now and from a technical standpoint that is still the case on being long as we can’t even close over the 8 EMA which at a minimum needs to happen for you to consider being long.

The chart I’ve been posting forever continues to play out, the SPY rejected the 8 EMA today and continued its flush lower, this is a pitiful technical setup and the RSI is nearing lows, intraday we moved 3% off the top, its just chaos in there but today’s candle confirms, nothing bullish is close.

The QQQ weekly is nearing the 200 week, that should give it some support, but it is still trending below all the key averages on a longer timeframe, again, nothing bullish here at all.

To top it all off, the dollar continues to hit new highs, and that just is not bullish at all, in fact, the dollar is 5% higher today than it was in June at the market lows.

Today’s Unusual Options Action & What Stood Out