Week of 10/02/23
$CLZ23 double top in crude oil
October 2, 2023Week of 10/09/23 Traders perspective
October 9, 2023SPY AI st support $425.52
SPY AI st resistance $429.77
Short term 30 min AI is short SPY
VIX AI st support $16.47
VIX AI st resistance $18.39
Short term 30 min AI is long VIX
SPY $422.29 low on 9/27 filled gap from 06/01
Long term AI SPY short
Long term AI long VIX
SPY 200 day moving average is $418.93
SPY gap above @ $435.96
Short term bias is buy dips against $422.29 low looking to fill gap above $435.96.
Long term bias sell above gap $435.96., looking to test 200 day moving average to downside.
Fundamentally; rates high to higher and will need recession to justify lower rates. Inflation is just an excuse for political purposes. Fed knows the balance sheet is way out of balance from too much Covid stimulus. AI is a powerful economic positive, but yet to become a reality except for NVDA.
