1. Markets are testing the June lows. Yesterday, the S&P 500 index breached the June lows briefly and then bounced back above the June bottom by the close. These markets are very oversold so a short term bounce is due at some point soon. The bigger trend is down though so be careful if you are trying to bottom fish here.

2. The Bank of England (BOE) said it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound. The currency market has gone crazy as the US dollar just keeps gaining strength against everything but the Russian Ruble. Europe is a mess and that includes the UK. 

3. Today, bond yields are retreating in the 2-year note and also the 10-year note. This should help markets temporarily, but yields on the 2 year are still around 4.15%. Remember, that is where the fed funds rate needs to go, so the Fed is still behind the curve. 

4. Apple (AAPL) was getting pounded today trading lower by 3% to $147.00 a share. Bloomberg reported that Apple Inc is scrapping its plan to increase production of the iPhone14 from its original forecast of 90 million units due to weaker demand. Apple Inc is a mega cap so it carries a lot of weight in the major indexes and can be viewed as a major sentiment component. Demand just isn’t there for the iPhone 14.

5. Gold is shining today as people realize they will eventually want to own a hard asset. Gold's day is coming soon. 

6. Bitcoin is slightly under pressure today trading around 18,900. Remember, this is in a major down-trend and will eventually go to 13,000.

1. Every trader and investor is watching to see if the major stock indexes will be defended at the June lows. At this time, the S&P 500 Index has held those lows, but a bounce with light volume will tell us what we need to know. A low volume reversal or defense of the lows will tell us that conviction is really lagging. So far that is what I'm seeing. 

2. Apple Inc (AAPL) is one of the key stocks that most market participants are following right now. Obviously, this is a mega cap stock that carries a lot of weight in the S&P 500, the NASDAQ & the Dow Jones Industrial Average. This stock is trading higher today so that is a positive. It is also trading well above its June lows. This tells me that it has relative strength compared to the market. If this stock breaks down then all confidence would likely be lost very quickly.   

3. Gold is basically flat today, but it remains in a down-trend. While gold should still have lower to go it is very oversold at the moment and into some support. The strong US Dollar Index is certainly putting pressure on the precious metal. 

4. Bitcoin is bouncing a little today trading around 19,200. It is still holding the June lows as well, but ultimately is in a large time-frame down trend and should ultimately trade below the 13,000 level.

1. It's Fed Day. At 2pm ET the FOMC will make their policy decision for the US. This will be followed by a 2:30 press conference with Fed Chairman Jay Powell. The press conference could move markets. Many traders and investors are going to listen to see if the Fed is going to pivot their current hawkish stance.

Either way, there is nothing that they can say or do that will change my stance in the near term that all bounces are bear market bounces and nothing more.

2. Today, the major indexes are higher to start the day. This could change later so be on guard after the FOMC announcement. Gold. bond yields, the US Dollar and all indexes will be in play after today's announcement.

3. Gold is slightly higher today, but it has been weak lately

4. Bitcoin is strong trading higher by 2%, but the trend remains down.

1. Markets are starting the week a little lower this morning. There is a near term daily chart oversold condition in place so a minor bounce here would not be surprising. Last week, lots of leading stocks hit some decent daily chart support levels. So some minor bounces should not be ruled out in the near term. 

2. All traders and investors are waiting on the highly anticipated FOMC announcement due out on Wednesday afternoon. The Federal Reserve is expected to raise the fed funds rate by 75 bps. As always, the verbiage could move markets. Many traders & investors are expecting Fed Chairman Jay Powell to possibly start to back-peddle from his current hawkish stance. I'm not  really in that camp, but the market reaction will be important as this announcement coincides with the fall equinox. 

3. Gold is was weak again today but is basically flat. As you know, I like silver right now, but when gold gets to my buy level this will be in play as well, just not yet. Platinum is strong. Silver leading gold is the ultimate bullish set up. Miners have been holding up well.

4. Bitcoin got hit this morning and is now bouncing back. It’s now below the Psychological 20,000 level again, but it has not broken down yet. The larger time-frame pattern is still weak and bearish. So far it has held up.

1. FDX plunges after weaker than expected guidance. This is a major global transportation company and when they warn the world should listen. The stock is trading down by more than 20% today and that is the catalyst for the Dow Jones Transportation Index (IYT) declining by 5% today.

2. This week we have seen several leading companies issue earnings warnings. Earlier this week, leading steel producer Nucor Steel (NUE) plunged after issuing Q3 earnings warning. This news rocked many of the other steel stocks. These warnings are telling the world that an economic slowdown is underway.

3. As you know, today is options expiration for September. This is often a volatile week of trading as there is usually a lot of institutional game playing going on. But this week we have really seen a lot of weakness in many industry groups so the market looks like it is tipping its hand.

4. Next Wednesday the FOMC will conclude a 2-day meeting and make their interest rate policy decision for the US. The central bank is expected to raise rates by 75 basis points. Some traders are expecting a 100 basis point hike, but I think they stick with what they have told us. Fed Chairman Powell has told the market in advance before he makes any many moves. Either way, the Fed is still behind the curve as the 2-year note yield is now around 3.9%. That is where the fed funds rate needs to be, so they are behind the curve right now.

5. Gold is catching a bid today after getting slammed yesterday.

6. Bitcoin futures are back below the psychological 20,000 level. As you know, this current pattern has been choppy and range bound, but the larger time-frame pattern suggests a move below 14,000.

1. Quadruple Witching Options Expiration is this Friday. This is a quarterly expiration and a week of institutional game playing. Traders and investors should also be careful this week as the large institutions will usually push stocks away from popular strike prices where the small retail options trader has placed their bet. I call this the real shark week. 

2. Markets are in rally mode today ahead of the highly watched CPI number which is due out tomorrow morning at 8:30am ET. At this time, it looks like a bear market bounce from a major daily chart retrace area from last week. In my opinion, it’s a bear market bounce. Remember, nothing goes down in a straight line. 

3. Silver is on fire today trading higher by nearly 5.0% on the session. I actually bought silver at the end of August when it reached my buy zone. Today I closed out my SLV call options for over 60.0%. Precious metals look solid here, but silver looks like the new gold to me. 

4. Bitcoin is catching a solid bid today trading higher by 4.90% to 22,390. So far, it is being defended and that should be respected. Despite the recent bounce, nothing has changed the big picture and ultimately this will test the 13,000 area.

1. The major stocks indexes are testing a key daily chart support level right now, but the bounces have been weak. In fact, since last Thursday the major stock indexes have retreated after every bounce attempt. At this time, almost every market participant is looking for a short term bounce to occur.

2. The US Dollar Index (DXY) remains at a 20-year high and this is certainly helping to keep commodity prices in check at this time. Should the Dollar retreat or pullback then I would look for the leading commodities to begin to move higher. Remember, just about every commodity in the world is traded in US Dollars.

3. Bond yields are retreating today, but they have been surging lately. The 10-year US T-note is currently down 4bps to 3.92%. The 2-year T-note is trading down by 3bps to 3.47%. As you know, that is an inverted yield curve and that is a solid forcaster of recession and economic problems ahead. 

4. Gold is catching a minor bid today, but it has been weak lately. 

5. Bitcoin is flat this morning, but the chart remains weak on the large time-frames. As I have said before, I expect it to decline down to the 13,500 area or even lower before finding a bottom.

1. The markets were rallying higher this morning after the non-farm payroll report. Non-farm payrolls increased by 315,000 jobs in August. I believe analysts were looking for 318,000 new jobs. So this was basically in line with expectations. The unemployment rate climbed to 3.7% and this seems to be what the market is excited about. This number was slightly higher than expected (two-tenths higher). I think it is ridiculous, but the markets are thinking the Federal Reserve might slow down or pivot due to the slight increase in unemployment. You have to laugh. Bad news is good news now for stocks. But then around 3pm everything unraveled.

2. The rally was broad based and the pullback was broadbased, volume surprised on upside, ordinarily it should be very light ahead of the Labor Day holiday, but not today. 

3. Gold is finally catching a bid today. As you know it has been struggling recently.

4. Bitcoin lives to fight another day trading higher by nearly 3%. It is now back above the psychological 20,000 level. Either way, this has been weak and looks very bearish on the larger time-frame charts

1.The major indexes are trading mixed this morning. It looks like tech (QQQ) is catching a bid and most everything else is flat. 

2. Energy is under pressure and this has been one of the stronger industry groups recently. Crude broke down yesterday and remains around the $90.00 level today. I would not rule out a little more downside for oil in the near term. This looks like a natural correction and really nothing more than that. The fundamental picture is the best that I can remember in a long time. 

3. Natural gas is also backing off a little, but the chart remains very strong and in an uptrend. The only problem with natural gas futures in the near term is that it is still overbought on the large time frames. So some more consolidation is likely needed before another move higher. Electric prices in Europe are getting dangerously high. The bills are astronomical.

4. Gold remains under pressure here as the US Dollar Index tests the $109.00 level again. Gold is still struggling but it looks poised for a bounce soon.

5. Bitcoin is catching a bid today recapturing the 20,000 level. This is still in a big downtrend on the larger time frames, but to its credit it is living to fight another day. As I have said before, I'm expecting a decline down to the 13,500 area soon.

1. The markets are struggling again today after the Friday plunge. As you know, the Dow Jones Industrial Average (DJIA) plunged by more than 1000 points last Friday. It was a broad based decline and really nothing was spared in the sell-off. 

Today, there is some strength in energy (XLE, XOP OIH) which is a decent percentage of the S&P 500 Index. If energy was lower it would certainly hurt the markets much more. Precious metals are also slightly positive today as money seems to be moving into hard assets.   

2. Gold is catching a bid today trading higher by 0.5%. I think precious metals look poised to catch a bid here. I won GDX Newmont Mining  and some call options on other gold stocks. I like the group here. 

3. Bitcoin is testing the 20,000 level again. As you all know by now, the larger time-frame is in a down-trend. The projection to the downside should take Bitcoin down to below 14,000. I know I have stated this before, but nothing has changed.