Time to review the eye candy Gann Angles holding the SP500 together.
Golly gosh we have two days of lower closes on the SP500. Plus the volume was the highest it has been since pre US holidays.
Mr Market is fueled by belief and fact. The belief is that central bankers will cover the never ending debt issue, any facts to the contrary and Mr Market will punish risk on stocks. With the central banked fueled stock market each and every date the ECB, BOJ, FED and BOE says something is turning out to be a pivot point in the market either up or down. Recently and while SP500 is at a high FED Fischer poured cold water on the need for QE, and you can bet when stocks hit a range low FED Yellen will support the need for more QE. This was the musical cheers in 2011, and it is the same this year.
Reference:
Fed Fischer speaks, bodes ill for the markets
US Fed Good Cop, Bad Cop routine is boring
Back to the SP500 Gann Angle chart.
The Blue 1x1 is the lower rock solid channel line that should hold until election. of course subject to FACTS up setting the risk on party.
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