By: Jeff Cooper
Hit and Run Morning Stock Report: 09/30/2022
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On extreme negative breadth, markets were down..-78 points for the SPX.
Declines trounced advancers by -2149 on the NYSE and -2486 on the NAZ.
NYMO is starting to produce positive divergences from Monday’s low: a lower SPX yesterday with a better relative breadth.
This is the short straw in a bottoming PROCESS…in the INTERMEDIATE Trend
It is not a trading signal in and of itself, rather it is an indication that a bottoming PROCESS is in progress.
As well the National Association of American Invest Managers' average commitment level fell this week to just 12%.
By itself, this was also not a trading signal, but part of the process.
All indicators bottom before price. They lead price.
I still think the Whoosh comes and should arrive prior to October 11th ish.
3520 should be struck on the SPX. Breakage below that opens the door lower.
In a potentially big development, gold and silver and miners are diverging from the downside pressure on markets.