Markets consolidating after an epic BULL RUN from the lows of 2022 (new lows later this year).
Inflation report could be the catalyst for another leg of this rally to above ES 4250
China/Taiwan issues, China economy still struggling, Russia WINTER GAS SUPPLY issues, another COVID variant.... markets buffeted by all these non-TA matter.
I still think market drops - rapidly and new lows made - during the next 6 to 8 weeks.
However, there could be a faster economic RECOVERY, lower inflation, and a temporary resolution of the EUROPEAN GAS issue, which may add another ES 200 points to this rally.
I am trading August in RISK OFF mode, mainly NQ daytrading, TLT CALLS, UVXY options, high-risk TESLA options, small QQQ & SPY POSITIONS
Edited by dTraderB, 07 August 2022 - 04:51 PM.