![\"\"](\"https:\/\/blog.t3live.com\/wp-content\/uploads\/2022\/10\/SPX-03_Oct_2022_07_07.png\")
<\/p>\nWe have mixed markets around the world after an erratic SPX futures night.<\/p>\n
Europe is off the lows. The UK government reversed course and abandoned a plan to scrap the top 45% tax rate. Gilts aren't moving much. Brent prices are up with OPC cuts, and Putin didn't do anything crazy. Ukraine took back some stolen land.<\/p>\n
Credit Suisse remains in a news doom loop. Some are saying it's not a Lehman moment. But let's focus on levels first and headlines second.<\/p>\n
SPX<\/b> futures are +25 after they were down 35 last night. We'll see if new flows try and bounce the tape.<\/p>\n
There's resistance at 3610-3636. The bears need to reject price there to keep active pressure on.<\/p>\n
<\/p>\n
Now let's go through the major ETF's I'm watching today:<\/p>\n
ARKK<\/b>\u00a0didn't make new lows on the year. We'll see if that means anything when this market wants to bounce. $37ish is pivot support to watch.<\/p>\n
Biotech acts better than most sectors but it\u2019s hard to get excited. Active support is\u00a0XBI<\/b>\u00a0$77.57. Resistance is $82ish.<\/p>\n
XLE<\/b>\u00a0acted better over the past two sessions as most sectors made new lows on the year. Oil is up this morning on news of an OPEC cut. There's a gap to fill up to $75ish. It\u2019s probably a better sale than add.<\/p>\n
XLF<\/b>\u00a0is trying to create a lower tight pivot area to resolve at some point. There is lots of talk about CS and comparisons to Lehman or Bear. This sector doesn't act compelling. Watch $30.12 for market clues.<\/p>\n
Positions Disc<\/strong>losure<\/strong><\/p>\n We have mixed markets around the world after an erratic SPX futures night. Europe is off the lows. The UK government reversed course and abandoned a plan to scrap the top 45% tax rate. Gilts aren’t moving much. Brent prices are up with OPC cuts, and Putin didn’t do anything crazy. Ukraine took back some stolen land. Credit Suisse remains in a news doom loop. Some are saying it’s not a Lehman moment. But let’s focus on levels first and headlines second. SPX futures are +25 after they were down 35 last night. We’ll see if new flows try and bounce the tape. There’s resistance at 3610-3636. The bears need to reject price there to keep active pressure on. Now let’s go through the major ETF’s I’m watching today: ARKK\u00a0didn’t make new lows on the year. We’ll see if that means anything when this market wants to bounce. $37ish is pivot support to watch. Biotech acts better than most sectors but it\u2019s hard to get excited. Active support is\u00a0XBI\u00a0$77.57. Resistance is $82ish. XLE\u00a0acted better over the past two sessions as most sectors made new lows on the year. Oil is up this morning on news of an OPEC cut. There’s a gap to fill up to $75ish. It\u2019s probably a better sale than add. XLF\u00a0is trying to create a lower tight pivot area to resolve at some point. There is lots of talk about CS and comparisons to Lehman or Bear. This sector doesn’t act compelling. Watch $30.12 for market clues. Positions Disclosure<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[736],"tags":[],"class_list":["post-64074","post","type-post","status-publish","format-standard","hentry","category-scott-redler-dog-bytes"],"yoast_head":"\n![\"\"](\"https:\/\/blog.t3live.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-03-at-8.56.11-AM.png\")
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