Market Dips To September Low After FOMC π¨
Been a roller coaster ride since the FOMC meeting on Wednesday. Expect some weakness to conclude the weak month as the price action should hold above the August low before a much anticipated reversal into the stronger October.
Tech is set for its worst month this year as traders yet again come to terms with the Fed staying higher for longer, which includes elevated bond yields.
Bloodbath selfie anyone? π©Έ
Tech companies Amazon.com, Nvidia, Alphabet and Tesla were among the biggest S&P 500 decliners Thursday in terms of market cap as the prospect of still-higher yields sinks in. The S&P 500 info tech index is by far the worst-performing sector for September. Both it and the Nasdaq 100 are posting the biggest monthly losses since December.
Tough week ahead?
Chip bellwethers such as Intel, Nvidia and AMD have had a tough week. It hasnβt helped that chip designer Arm fell below its IPO price after just a week, with analysts cautious about its valuation and benefits from the AI boom. This suggests that perhaps the AI frenzy industry-wide has faded and that tech valuations remain elevated given the yield backdrop.
Playing the reversal game
Are you aware that the last 3 times when S&P 500 was down by 1% in both August and September resulted with a soaring October with +8% in 2022, +8.3% in 2015 and +10.8% in 2011?
Interestingly if we trace all the way back to 1950, there were 9 out of 10 instances that October made a strong fast and furious comeback as well! Although we can't predict the future but just don't give up hope and join the bears and get roasted on both ends.
Say goodbye to September next week
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This is going to go lower now that we've broken then 100 day MA. We'll probably get a counter trend rally into the 100 MA in the first week of October before another major flush. Have fun bears and RIP to the dip buyers.
My only position now is short the VIX using UVXY into Sept 29 ! Closed an SQQQ call position ! If the market falls from here it will be a huge drop ! I prefer to buy Yom Kippur ! The "big drop" will be October/November or January !
Yeah not so good but I still think the market can go up
Dip is coming be patient please
All 3 major indexes are forming a double top pattern on the monthly chart (looks like a capital M). This is a very bearish reversal pattern, meaning IF the pattern is confirmed, the βgainsβ made in 2023 will be lost.
Actually it is easy, just buy any dips, QQQ not call