What if I told you that there are currently detectable October surprises in store for the American people and perhaps the world at large? With September still to be completed, this is as clear today as an “Unprecedented Global Crisis” was detectable for February and March of this year even as 2019 was yet finishing up and Covid-19 still unheard of.
Tomorrow's mood pattern implies strong or passionate emotions alongside plain old irrationality (not a day for logic or reason). Our Market Mood Indicator gives the odds to the upside, but one has to be careful with these extra irrational days.
Friday's mood pattern showed the bulls slowing down and things were so slow today that the market might as well have been closed. MMI was pointing down, but the relentless bulls managed to eke out a barely positive day.
There is a crude oil buy for Thursday and Friday, then a sell over the weekend. The current oversold condition could add fuel to any rally that might kick in. There is a gold buy Thursday and conditional gold buy Friday. The gold chart shows an extremely overbought condition, so a correction is due at any time, but metals can remain overbought/oversold for an extended period. There are no USD daily trade signals through Friday.
The Market Mood Indicator for Monday was up, and the market was expected to at least try to close above open. At the last second, the S&P 500 closed barely up for the day, but it did not make it above open.
The mood pattern for Friday implied "a desire to move forward on an agenda, but with perhaps the annoyance or distractions of economic or domestic issues." This fit well with the news of Trump's tariff plan with Mexico. MMI was up, but the stock market could only make feeble attempts at bouncing.
The crude chart is pointing up into the weekend, and there are daily sells for Monday-Tuesday (with no trade signal for the weekend / Monday open). There are no gold trade signals for the weekend, but there is a conditional daily buy for Monday. There are no USD trade signals through Monday.
Where We've Been:
The long weekend's mood pattern is undefined, so there is no specific information for Tuesday open.The sharp drop alert remains in effect on a weekly scale, and on a daily scale surrounding this long weekend. The LTTI still reads "topping in progress."
MMI for Tuesday open:uncertain
Tuesday's mood pattern reflects confusion or uncertainty.MMI for Tuesday is the same direction as the market opens relative to Friday's close. Asharp drop alert remains in effect. The LTTI still reads "topping in progress" with no sign of a changeas of yet.
Sharp drop alert: Conditions arepresent in both the daily and weekly chartfor sharp drop alerts.
by Dr. Cari Bourette - 1 year ago
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