It was a day of post liberation horror, the SPX settling -274pts (4.8%) to 5396.
sp’weekly1b
Summary
SPX: as things are, we’re net lower for the sixth week of seven, -184pts (3.3%). Weekly momentum is still ticking lower, and is on the extremely low side. RSI 34s is not yet oversold, but its the lowest since Oct’2022.
Some perspective…
The Jan’2022 4800s don’t look so difficult, do they? Monthly momentum is increasingly negative, and could easily tick lower all the way into the fall.
The computer has a bearish target of 4951… which is within next support of 5100/4900 zone. I’m guessing we see a multi-week bounce BEFORE <5K.
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Looking ahead
Friday will see the monthly jobs from the BLS, consensus:
Net job gains: 131k vs 151k prior
Headline jobless rate: 4.2% vs 4.1% prior
Earnings: none
Event: Powell is due 11.35am.
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Final note
Indeed, we can expect more fed bailouts.
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Interesting chatter.
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*I’ve not watched.
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The Prof’ merits your time.
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Two great Americans
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German Troops Move to Russian Border in Lithuania 1st Time Post-WWII
‘It has begun. German hospitals are preparing for war. Germany has embarked on its first permanent foreign deployment of its troops outside of Germany since the days of Hitler and World War II.’ – Armstrong.
It is a sad thing to see the Germans once again… hungry for war.
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Unlike the equity market, this crash made me jump!
Goodnight from London
Yours… time for the season three finale.