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market analysis 11/4 (Friday)
So…..we just had a rate hike. A lot of earnings calls. A lot of stocks gapped down hard recently ( $META, $TWLO), and a few gapped up hard on nonsense ($ETSY).
Only to then…continue….really weird scenarios?
It doesn’t make sense, to be honest. Now, the Muskrat is going to get all the hate he deserves, but the reality is he screwed up in a thousand ways. So I think this is going to play into a lot of social media concerns.
A lot of people want to leave twitter. Okay, sure, whatever — but…to where? I see no real solutions. I see garbage, everywhere.
Anyway, where do we go from here?
Well, $SPY looks like it’s ready to drop, BTC has turned a bit but is still overall bearish, and DXY dropped today because who the hell knows. I wouldn’t hold my breath. One possibility is we fake rally through end of year, but I see the world’s biggest warning sign, that we haven’t had in a while. https://www.tradingview.com/x/l9womFdD/ . Fed budget is skyrocketing during inflation, and that’s conflicting. So either the budget gets trimmed or inflation does. Guess which one is more likely? I’ll leave that part to the economics fundamental researchers, because I think that should tell people what’s next.
Meanwhile, isn’t it unsurprising when different TA methods intersect?
Here’s the hint for the traders: 200MA + Ichimoku cloud top. That’s where decisions will be made, and it’s easy to guess more down. Aggressively, even.
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