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  • Last trading day of Aug 2022

Last trading day of Aug 2022

randholm
August 31, 2022 10:13 am / Published in SPX

Last trading day of Aug 2022

Aug was a “bipolar” month. First, we have a run of near 6% in 12 trading days and later are experiencing a -7.8% in 12 trading days. If today we end up having a flat day the SPX is likely to end up negative for the month and near -16% for the year.

SPX is near -16% YTD and shows 3 consecutive Quarterly Candles pic.twitter.com/pTkJihSYO1

— Mario Randholm (@MarioRandholm) August 31, 2022

It is complex to interpret the correct explanation of what took the market higher. The same way, that I am not sure of what is taking it down. On the other hand, now it is clear that the FED comment were a turning point for the up movement. Short seller have now a new stop zone at the highs of Aug to based the risk reward. We would need a -7% to make a lower low for the year and near a +7% to take the high of Aug.

#SPX Trading Areas pic.twitter.com/aMyz5mZLw2

— Mario Randholm (@MarioRandholm) August 31, 2022

Tagged under: SPX

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