We have a turn point in Sept still… on most markets. And while we head lower… and it could gap down this week quickly. I am on the lookout for re-action upward short term to wipe out all the late shorts here.
Below are the levels to watch for in the highly volatile market.
SPX Panic Short Lived on Weekly?
Intel (INTC) Sept 6 – Good Reward for Risk?
Low risk, high reward appears on the INTC. 32 area has quarterly support with the Quarter bearish if holds at end of this quarter. This month is the Turn Point, which matches a possible low. Sept 6 week may be the time for low or the move.
This week is panic so could move way lower or I am leaning for a low then move back up. If this does not happen, Sept 6 could be major low. Good support below this price.
Will post more as it comes, this is prior to Mondays open on Aug 29, 2022.
Longer Term View
In summary, we may see (on monthly time frame):
- Higher close in Dow Jones than Aug close.
- This would mean short squeeze up, taking shorts
- But expecting Temp Low into October again
DO NOT FORGET:
1st Quarter 2023 could be new REACTION LOW, moving higher into 2024.