As we head into the last day of the first half of the year, the /es is adding to the recent sell-off, -52 as I type.
Investors haven’t seen a market this bad in the first half of the year since 1970.
Of course, it isn’t old man Joe’s fault, as inflation continues and will continue to rise until he is out of office.
Don’t mean to sound harsh, but if polling is correct, then 82% of you agree with me.
This administration is a complete nightmare and even with the worst approval ratings for a president in history, Joe and Co. continue to move forward with their heads down and not listening to the people.
Instead, everything is about the climate, which even the top scientist can’t say how long zero carbon footprint would have to be in place to fix the so-called climate change to safe levels.
These fear mongers are simply using data that fits their lie.
If one was to look back 100+ years instead of looking from 1970 when things bounced, at the EXACT SAME DATA they are using, you would see we have simply bounced a tiny bit from the lows, not the highs they are crying about.
Wildfires, hurricanes, carbon, you name it and they are lying about climate change.
I go into this ramp because the US is leading the way to a world recession and that won’t change until old man joe goes back into his basement!
For today, it is looking ugly for the bulls and the 4050/4100 target for the final 1/3 of the long trade, doesn’t look promising.
But that is why I layer out of the positions.
Leave stop at entry and let’s see if the bulls try and defend the 3745 support level.
If they fail, I think we will get stopped out at entry for that remaining position.
The bulls need to get the price back above 3835 to sidestep this selling episode taking place.
I am seeing buy signals on the 60-minute /es chart, so maybe they will try and defend. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3798 R2-3833 R3-3925
Support Pivots: S1-3742 S2-3716 S3-3695
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