9/27 Recap. Market Broke To New Lows

Wow! Sorry for the late post, pretty frustrated, I had a long post written up and when I hit submit, substack was having issues and it doesn’t save your progress so I have to do this all over again, this was the message I got.

With that said, the market, how can I put this nicely, we’re in deep trouble. We broke the June lows which should have held as support. Now the market is going to be in discovery mode seeking new levels. We closed with a bearish engulfing below all the moving averages, not good.

.Here is where you can see the break of the June lows

Now the one piece of good news today is that I do believe the Dollar has topped somewhat. I don’t think it will break out of this channel, you can see where we stopped on this month’s candle and this channel goes back over a decade. The last time the RSI was this overheated, in 2015 it took a couple years to calm down while the dollar stalled out, I expect the same here.

Today’s Unusual Options Activity & What Stood Out