Market View 20230911

Typically, when I see a move like this by stepping back, I see a bull trend, given that the crossovers have given a direction. However, I see a gap zone above to be filled. And if the gaps are not a reason to be filled before continuing its original move, then this failed gap if not filled, will see how moving lower, fast because we have a big gap below to be filled.

Furthermore, the local cues are not so great, whereas global cues are positive, yet the markets are moving down in the US. We're basically diverging!

Meanwhile here's a quick glance at overall markets:

10:18 AM

The market has tried to clear previous high, however, it seems short lived. Two things to notice, 1) is that the VIX has moved up, an indication that traders are on edge and 2) the previous high wasn't held. There may be another attempt, but we can't say for sure until the close of the day. Will it be above or below the previous high.

Keep the above in context with the larger picture shared in the morning.