Friday the 13th: Part VIIII

Not much time for an extensive post tonight. But let it be recognized that tomorrow is Friday the 13th and I have a gut feeling that there won't be many folks willing to buy and hold these markets based upon that superstition. Just a hunch I have, but it also appears we're in a continuation pattern on the charts, suggesting more downside tomorrow, with a possible reversal and relief rally on Monday.

It's ALSO "Cardinal Climax", which is the very rare alignment of a number of planets. Those who apply astrology to market sentiment (I'm not one of them, but there are many who do) have been suggesting major turmoil during this period.

Cardinal Climax

Query "Cardinal Climax" and you'll find a plethora of astrological sites explaining it.

Other than that, I'll let some other folks give their opinions on market dynamics for tomorrow:

PSA August 12th chart video

Chart Pattern Trader's take

August 13th chart reading (it may only be available on the 12th through 13th)

It's also hard to say what kind of candlesticks we've put in today. I've voting for a continuation tomorrow and more downside based upon what I see as a "on neck" continuation pattern on the SPY (S&P 500 Spyder ETF):

SPX daily

SPY Daily

On Neck Continuation pattern

Folks should also recognize that the past two weeks of market upside was wiped out in two days. That's NOT a very positive sign of underlying market strength. And now, all of those people who were buying over the past two weeks are currently underwater and will be looking to get even and get out.

So.. tomorrow we have Consumer Price Index information at 8:30 AM followed by Retail Sales. Both are considered market moving events. If you don't have this website bookmarked, you shouldn't be trading stocks.. ;0)

Economic Calendar

Any bad news tomorrow morning and we could have a violent sell-off.

That's all I have right now..

Scrutinizer