Thank you, my POTUS. You have done well today.
Expecting a FFR cut in September -- not in June. The lack of a June rate cut from the Fed will actually crash equities back to the 2007 highs (1560s SPX).
But the FOMC will come around in September when the very long-term channel is threatened, with the S&P 500 under 1370.
| S&P 500 daily |
GOOD LUCK TO ALL BEARS.
7 comments:
Hoo-ray and here we go at last.
Support from the previous lows is about at 2260 SPX at the end of May.
Dingleberry will be unhappy
I love how we rolled over right at the midpoint of the rally channel up from 2346 SPX.
I can't wait to see the bulls cry uncle so quickly and have the Fed do a rate cut to prevent this market selloff from snowballing. The bulls will want ANYTHING to keep the dream alive, even if that requires inflating everything else just to see their precious stock market increase in nominal value. But when they cash out their gains, it'll all have to go towards higher gas prices, more taxes, and fast food MULTI-dollar menus.
I'm starting to think the Fed at least stops the balance sheet moves at the June meeting. We cut China loose and use our Fed to triage the walking wounded.
Support from the previous lows is about 2250 SPX into June FOMC. I plan to buy that dip.
Let's do this, lads.
Down-channel in place?
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