Good morning Twitter. ☕️

Time for weekly charts and coffee.

Last week we started with this:

That shooting star got confirmation this week as the 40-wk MA and the downtrend line proved to be too much for $SPY to clear.

Now we're looking at the 10-wk - 402, and then AVWAP - 386, as potential support.

$QQQ setting just above the 10-wk MA

$IWM back near the March 2020 AVWAP

$AGG bonds w/ a hammer

US Dollar still riding the wave higher

#BTCUSD broke the bear flag and moved down to 12/2017 highs

$GSG commodities holding up

$USO oil

$VIX volatility pop

$AAPL

$AMZN

$MSFT failed breakout

$ARKK

$SOXX Semiconductors

$XLE energy

$XLF banks

$XLC communications sector bear flag

$XLU utilities failed breakout?

Lots of common themes here as most things were stopped and turned back at resistance. Oil and energy were the exceptions.

This does some damage to the idea that we would not revisit lows. Not saying that's where we go.

But a day of so much steady, consistent selling like we saw yesterday, sends a pretty clear bearish message to me.

But as always, I'll try to focus less on what I think I know and more on what the charts are telling me.

Good luck as you prepare for the coming week.

And be sure to check out my weekly review if haven't already. It was a Bear Party in Jackson Hole. 🐻🎉

https://andrewmoss.substack.com/p/august-26-weekend-market-reviewpreview