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11.16.22 – WEDNESDAY MARKET OUTLOOK

Market Outlook
 

Today we saw some weakness from the very start, possibly thanks to bad retail reports (the most prominent was a bad miss by Target (TGT). But given how bad it was, the market held very well the entire day. Yes, it opened lower, but then it was flat the entire day. Looking at the VIX futures, we can see how the structure gets steeply up, indicating investors are positioning for a big move to the upside. They are not expecting any severe selling. We may see pullbacks, but these will be bought. Look at it this way. If we were to crash, we would have already done that. We are still experiencing a battle between bulls and bears just below the 200-day MA. Bears have nothing new to say about the market, so the odds are to the upside.

 
Market Outlook
 

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