FOMC Week

Markets are getting to the point where the bearish headlines and ‘crash’ talk are going to start becoming a regular thing. We have taken a pretty decent drop so far and we are pretty close to erasing the entire 2021 moving in the NQ. S&P is holding up a little bit better than the Nasdaq but the Russell has already cracked the lows and it looks rather ugly at this point. We are 4 weeks straight down and at this point it would make sense if we just paused and went slightly sideways for a week or two at these lower levels. This market however is extremely weak and a breakdown wouldn’t be out of the question, but keep in mind that we have FOMC on Wednesday of this week and a reversal or continuation could start from there.

Earnings are pretty busy this week, and I like to see $AMD $ABNB $SBUX $UBER $ETSY $SHOP $LCID and some smaller names that aren’t normally on watch, but can have some surprise moves. There are no names on the watch list for this week as I want to see the ES sell down into the 4048 – 4088 area to see how we react first. We are currently in a very strong hourly down trend, that doesn’t look like it wants to let up any time soon, so the best thing I can say for this week is to let the market come to you, and don’t try to get in the way.