Coach Mark here.

I am entering the week with an attitude of expecting anything in the short-term. The dollar and yields continue their climb as we start the week not providing any relief for multiple asset classes. We have chatter of government shut-downs, higher-for-longer and consumer worries. The macro situation is not exactly a rosy picture of sunshine as we enter the week.

Still, markets are funny. They get particularly funny in the short-term when you get into oversold conditions where bears are shorting at extremely high levels and buying puts faster than teens lined up at a Taylor Swift concert. This sets up situations where you can get the force of gamma working for the bears creating a big down day or on the flip side can get some nasty short-squeeze situations on any given day.

Eventually a support level will get put in that screams buy. Certainly from a short-term tactical standpoint at the very least. Until then I am expecting the unexpected on any given day and have come up with a tactical plan that reduces the volatility for me in the short-term as I await that moment.

Have a fantastic start to your week and check out Macro Monday today as we break it all down on the Halftime Report

Chart of the Day: S&P 500 (/ES)

From a technical standpoint we are certainly in a “expect anything” little stretch.  We are extended from the falling daily moving averages which makes us prone for a snap-back rally to retest those but we also lack structural support from moving averages which means bulls have lost some of their best friends. Eventually this plays itself out but can be a little wild until it does.

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