Kitco:
'Stock market reckoning ahead?
An update of the S&P futures daily chart: I think a correction is in order, and continued over-exposure or leverage to the long side (for traders) may be just plain irresponsible here. I think the market is becoming complacent in the face of Jerome Powell, who has clearly signaled his willingness to hike harder. To me, this stock market now looks primed for an exaggerated move to the downside on any hint of change in future hike odds; In sum, I think the risk in indices is asymmetrical and to the downside.
With momentum heading into oversold territory on the daily timeframe but the weekly uptrend well intact, I continue to give the bulls the benefit of the doubt for now.
Edited by Rogerdodger, 02 August 2023 - 09:25 AM.