Top Tweets Today: 04/09/2015

Something was amiss when US indices bounced on Wednesday after a plunge of 3% on Tuesday. The week has been a strange one as we haven't seen the an initiative move by the bulls to break into ground lost last week. Earlier this week I spoke about a dead cat bounce and what it meant. It felt at one stage during the past 3 days that it might be put on hold as the bulls staggered their way higher but late session yesterday saw a deep pullback from the highs of the day deflating a momentous effort set up by the bulls. Seemingly the bias has shifted in favour of the bears...

Wall St. Drops Sharply After Mixed Jobs Data http://t.co/e1ShbGIZKR

— NYT Business (@nytimesbusiness) September 4, 2015

...all because of this, jobs numbers in the US being reported and unemployment hitting fresh 7 year lows. Many have speculated this may signal liftoff of interest rates in the US as the Fed's meeting draws nearer. I'm not entirely convinced by all of this because raising rates in an uncertain environment such as China going bust, US growth picking up momentum at a snail's pace and Europe staring down the barrel of deflation just doesn't seem like a good idea.

 According to Hilsenrath, 5.1% unemployment "suggests slack in the economy is getting eaten up rapidly". Uh, no pic.twitter.com/jX5Pz1GUit

— zerohedge (@zerohedge) September 4, 2015

 I always like including a visual impression of how things look out on the markets and founder and chartist at SeeitMarket, Andrew Nyquist has provided some great illustration. It would seem that the price level of the S&P 500 paused at the 50% retracement and backed off, but is this fastly knocking the bulls out of form. I think it could very well be the case. Another point which I made on Twitter earlier today was Chinese stock markets have been closed for 2 days because of celebrations of the end of World War 2.  With China being out of play you'd think there would be some kind of calm, not so.

S&P 500 stalled at 50 percent fib. Concern here is formation of a triangle (continuation). $SPX pic.twitter.com/9O8rEzU9DI

— Andy Nyquist (@andrewnyquist) September 4, 2015