Futures are bouncing this morning after yesterday’s shellacking.
I believe if things stay where they are now, the Nasdaq is tracking for its worst month since 2008.
That statement alone, says it all.
As a Country, we have the blind leading the blind in DC and that doesn’t seem to be changing at all.
That scares me because the Dems know very well they will get crushed in November if we stay on this same path.
Are they willing to throw everything away for–what??
Or do they have another wild card under their seat, where mail-in voting will be mandatory again, come November?
My point here is, that everybody and their grandma knows we can’t sustain this rate of change IN THE WRONG DIRECTION ON everything, for much longer, let alone another 2 more years.
Do they have an evil scheme ready to put into action or are they just contempt for playing with the band as the ship sinks?
I hate to throw political stuff into my writings, but honestly, it is one of the primary reasons we are seeing what we are seeing in the stock market.
Obama had the Fed printing 24/7 and bad policies were covered up by a strong stock market.
Joe & Co doesn’t have that crutch to lean on and honestly, the policies put in place are destroying our/the world economy.
And I will bring back the question–for what??
For today, the bulls need to get the price above 4200 to even get their beak out from underwater for a breath.
Until then, the bears will keep their foot on the bull’s head and continue to press the price lower.
If the bulls can get the price above 4200, then we should see a reaction trade up to the 4220/4260.
If the bears can take out yesterday’s lows, then 4160/4110 should come into play.
With the buy signals forming and some strength expected soon, I am on the side of buying between the 4160/4110.
I put in yesterday’s report to buy between 4200/4100 and that is fine as well.
If you didn’t take that, use the 4160/4110 to look to build a long side trade.
SPX Hourly Technicals
Divergences: Bullish Divergences
Resistance Pivots: R1-4200 R2-4220 R3-4260
Support Pivots: S1-4160 S2-4135 S3-4110
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