Market News 9-15-23

News You Can Trade 📰

The Market 📈

A #SPY bullish gap on above average volume after less than great economic data. What can go wrong? A “prove it” to me kind of day.

 

I’m not sure we could have gotten a better picture of price action after all the economic data that came out this week. 

The market held its ground despite many not viewing the information as bullish. A little troublesome when utilities is the top sector, but a positive sign with consumer cyclical posting solid numbers over the three main time frames that we watch. 

So that means we’re still spending money, in a way that’s positive. The big question on everybody’s mind: Is are we doing it on credit and is that going to lead to a crash?

As mentioned previously energy stocks have produced the best order flow for the last two to four months as crude oil punched through that big $90 level But that gives me a reason to pause and whether or not we’ll see them sell the news.

Financial stocks have worked their way up the list. It feels like it’s been ages since we spoke about them. JPMorgan actually broke down out of a two-week box only to catch a bid and break the top of the box. 

That kind of back and forth is what’s driving everybody crazy right now. It’s incredibly important to have discipline on the ideas not working out.  

The chart of #DUK is the poster child for that concept.  A textbook breakdown with a vicious move in the other direction.

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