SMC Update 8-8-23

Thanks Peter,lower SPX projection is all that's needed. Hanging man candle signals new low again tomorrow. Thanks

Peter. You should be able to revert your computer to Windows 10. I did that a few months ago because a new monitor I bought did not work with 11. The internet searches taught me what was the issue, and so I reverted.

Not much press on Moody's downgrade of ba nks Commercial real estate.

Cascading projections for the NDX? A beautiful H&S pattern made in the Dow this morning. Market is headed lower with BTC,Japan,German DAX.....3rd wave.

kwmurphy2939 said:

The boneheads on CNBC don't know that 10 of the 12 major crash lows of the past 86 years are directly related to this weekend.

I think most have cnbc On mute LOL

What was the other (2)?

This will be the leg in the bear market where John Kenneth Galbraith's "Bezzle" will be uncovered. 40 years of corruption in this Bezzle and the exposing is already well underway. This is a natural phenomenon as wealth is destroyed and people demand accountability....which never happened in 2000-2001 and 2007-2008. Now this will be a true bear market.

fast3777 said:

Thanks Peter,lower SPX projection is all that's needed. Hanging man candle signals new low again tomorrow. Thanks

SPX is up on the week, not sure what waterfall you are on. And for the informal record, everytime Peter says " waterfall or cascade or snowballing' the hit rate is 0 for 52

Another volatile day with wide swings usually signals a big move coming. The setup is present after today's failed rally for a big break lower.

Btw a gap down at the open would create a island top and the SPX major support @4427. Yesterday's hanging man candle was confirmed today with the red candle lower close.