Morning Look 9/1/22

Well August was awful. We saw a bear market rally early in the month but it was all given back and then some.

September is historically the worst month for the market too.

Futures are lower yet again on news that China is shutting down more large provinces as part of their “zero” Covid policy.

They did this before and the global markets always sell when this happens. Energy especially, as the move is considered a threat to global growth and supply chains.

We have weekly options expiration tomorrow and the markets are closed on Monday, so its anyone’s guess how we trade into the weekend.

Europe looks worse by the day because of runanway inflation, food shortages, and energy costs exploding, and winter is coming.

More key support was broken yeterday on SPX. 3920 support is next key support level to watch.

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