Watching the Weekend - Market Analysis for Aug 6th, 2022

By Dr. Cari Bourette

Aug 6, 2022 - 5:33 PM EDT

Just got done with today's data (the data doesn't stop on weekends) and the Sharp Drop Alert has extended one more day (through Tuesday). This is due to the SDA signature of overbought market relative to sentiment + flatline sentiment (see chart) continuing on through at least Tuesday. There is still no specific Market Mood Indicator directional call for Monday open or Monday, and no way to tell if there's going to be a pop to one more high first before a pullback. The mood pattern for Sunday points to a serious mood and reflects the potential for abrupt change. If nothing new or unexpected happens, Sunday's mood could reflect the sentiment around the ominous-appearing Chinese military exercises which are currently scheduled to finish up on Sunday.

Latest MMI vs S&P 500 chart:

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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