Insane day in the SPX yesterday

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Yesterday was one of the craziest days in the SPX I’ve ever seen.

Honestly, I’d already written today’s newsletter all about some cool rate hike information I’d found (you’ll read about that tomorrow), and I had to redo the entire thing to tell you this story.

Yesterday, the SPX went from flirting with a catastrophically bad day to somehow ending up in the green.

Let me show you what happened.

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So, as I was saying, the SPX was set up for a catastrophic day yesterday.

Historically speaking, any movement of +/- 30 points is considered a really big day.

At one point yesterday, SPX was down as low as 170, almost 6x bigger than your normal “big” bearish movement.
And then, something remarkable happened…

We pulled out of it. We reversed the entire scellof. AND we rallied into the close to touch green right as the bell rang.

I watched this race with the same excitement some folks watch the Kentucky Derby. It was thrilling!

And I even sort of saw it coming. Look at this message I dropped in Discord a few days back:

If yesterday’s results are any indication, this is the start of the exact relief rally I predicted.

We’ll have to wait and see.

But as we’ll talk about tomorrow, the reality is that rate hikes haven’t been as devastating for the markets as many think.

So perhaps our correction is over and we’ll be back in a bullish mood heading into February.

Time will tell.

Hope you enjoyed the ride,

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Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.

Insane day in the SPX yesterday

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