Watch for a break down within the next 10 trading days.
Volume is sliding lower because bulls are nervous to add additional long capital at these levels and most shorts have been getting squeezed out.
Volume is sliding lower because bulls are nervous to add additional long capital at these levels and most shorts have been getting squeezed out.
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Rejected once more at the 200EMA but holding strong near that level for 3 weeks now, neither pushing higher nor rolling over. A pretty good standoff.
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Technical News: The Nasdaq Composite hit an upside DeMark Sequential sell Countdown 13. This is a good sign for the Bears because it indicates buying exhaustion and a potential tread reversal within the 2 weeks.
Policy News: Potentially more Gov stimulus on the horizon. Today's Headline: US House Speaker Pelosi To Push New $3 Trillion Coronavirus Relief Plan - Politico
Fed News: Tomorrow Powell is speaking, I anticipate he will push back on the idea of negative rates. in the United States.
Policy News: Potentially more Gov stimulus on the horizon. Today's Headline: US House Speaker Pelosi To Push New $3 Trillion Coronavirus Relief Plan - Politico
Fed News: Tomorrow Powell is speaking, I anticipate he will push back on the idea of negative rates. in the United States.
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Markets sold off strongly at the end of the day. This is the 3rd time now SPX has been rejected at the 200 EMA and .618fib.
Tomorrow all eyes and ears will be on Powell’s statements regarding negative rates including President Trump who tweeted today, “As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the “GIFT”. Big numbers!”
I disagree with Trump. Accepting negative rates is a curse not a gift, like welcoming a Trojan horse into our economy. Once negative rates breach our economic gates they will destroy financial markets from the inside out.
Tomorrow all eyes and ears will be on Powell’s statements regarding negative rates including President Trump who tweeted today, “As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the “GIFT”. Big numbers!”
I disagree with Trump. Accepting negative rates is a curse not a gift, like welcoming a Trojan horse into our economy. Once negative rates breach our economic gates they will destroy financial markets from the inside out.
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As I suspected Powell pushed away from negative rates causing a large selloff in all major indices.
Markets appear to be realigning with the economic reality. A good sign for bears.
Markets appear to be realigning with the economic reality. A good sign for bears.