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Good morning, folks. Goodness, for such a promising month, there sure isn’t much going on at the moment. That’s no big surprise. The fireworks show doesn’t start until later. So at the moment we’ve got an /ES which has been stuck inside a range for a solid week now.
I hope everyone had a great Independence Day weekend. For some obscure historical reason that isn’t a public holiday over here in the UK, but as I work US hours I had a very pleasant long weekend.
I’m going to look at the short and longer term prospects for SPX here, and I’ll start with an important longer term chart, the SPX monthly chart where there has now been a monthly close below the key support & resistance trendline on SPX since the 2009 low.
That opens the possibility for further downside and we may well be seeing that either sooner or later.
(more…)Good morning, everyone, and welcome back from the three-day weekend celebrating the founding of our once-great Republic. I am delighted to say that there will be no more holidays until September, unless Congress panders to another special interest group and rolls out the Albanian Feast of the Cabbage God as a federally-sanctioned event. I, for one, am weary of these government-based edicts requiring people not to work (which, let’s admit, is the only thing the government is good at anymore).
I was watching the futures during the weekend, but crypto was even more interesting. It was looking like the bulls were eager to take their one day of victory (Friday, July 1st) and try to run with it. Little do they realize that the only reason they got that rally is because I didn’t get on Bear Force One. The world’s money had already been positioned for my flight, but when I cancelled, there was a snapback effect. That’s history, folks. The BFO fade trade is over.
(more…)Hello from the master suite of the Knight Chalet, where I am being pushed to the edge of my bed by the trio of dogs here with me. I wanted to cobble together a post with a few thoughts about the index charts as we’re at the 50% mark on the progress bar of the year 2022. Please find the charts below, with some off-the-cuff comments in the caption for each.
