Ambushed !
September has often been a cruel month for the US stock market.
Traders returning from the 3 day Labor Day holiday weekend,
were "ambushed" by September selling as soon as the opening bell rang today.
Nvidia led the market lower, losing 10 %,
279 billion dollars of market value "poofed"..lost in a single day,
and the VIX soared back above 20 again.
The ambush occurred
after a last hour of August run up, just a few days ago,
as money managers clamored to get into the market paying up for the privilege.
Performance metrics do not suit those money managers left behind.
The drop on the chart, has the early look of a "potential" bullish cup and handle pattern.
So the game of chicken will now begin for those who think they can outsmart this market.
SPX Last 5528.92 9/3/24
THE_UNWIND
WOODS OF CONNECTICUT
Traders returning from the 3 day Labor Day holiday weekend,
were "ambushed" by September selling as soon as the opening bell rang today.
Nvidia led the market lower, losing 10 %,
279 billion dollars of market value "poofed"..lost in a single day,
and the VIX soared back above 20 again.
The ambush occurred
after a last hour of August run up, just a few days ago,
as money managers clamored to get into the market paying up for the privilege.
Performance metrics do not suit those money managers left behind.
The drop on the chart, has the early look of a "potential" bullish cup and handle pattern.
So the game of chicken will now begin for those who think they can outsmart this market.
SPX Last 5528.92 9/3/24
THE_UNWIND
WOODS OF CONNECTICUT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.