• 2 hours China Targets Hong Kong As Cold War With US Heats Up
  • 1 day No Shirt, No Shoes, No Mask, No Service
  • 2 days Is Bitcoin Actually Worth The Energy It Uses?
  • 2 days Insurance Companies Are Turning People Away As COVID-19 Crisis Escalates
  • 2 days Mining Exploration To Drop By Nearly 30% Despite Gold Boom
  • 2 days Europe Set To Unveil Its $500 Billion 'Green Deal'
  • 3 days Major Diamond Mine Slashes Production
  • 3 days Social Security Could Dry Up In Less Than A Decade
  • 4 days Europe On The Brink Of Economic Crisis
  • 4 days Barrick Gold Launches Exploration Program In Japan
  • 4 days COVID-19 Is A Hacker’s Paradise
  • 4 days Why Big Finance Is Bailing On Fossil Fuels
  • 5 days A New Trade War Will Send Gold Even Higher
  • 5 days Could COVID-19 Lead To Authoritarianism?
  • 6 days The $30 Trillion Mega-Trend To Watch As Markets Bounce Back
  • 6 days Gold Soars To 7-Year Highs
  • 7 days From Smartphones To Smart VR Acquisition, Apple Pushes the Envelope
  • 9 days Why Covid-19 Won’t Kill The Renewable Revolution
  • 10 days COVID-19 Could Spark A Global Food Crisis
  • 10 days How To Play The Next Big Rally In Gold
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

The State of the Trend

Last week we mentioned the importance of the 1450 level, and that a break below would signal a short-term trend reversal. That level was broken on Tuesday, and later acted as resistance on Thursday. Therefore, we'll continue to keep a close eye on 1450 next week as well:

The weekly support zone comes at 1423-1430, which includes a Gann Square of 9 cardinal number, a 25% retracement of the recent daily range, and the lows following the September 6th QE III anticipation breakout.

Market internals are showing signs of bottoming out, but this needs to be confirmed by price action:

For the time being, the SP500 is following closely the seasonality of the Election Year cycle, which points to a down/sideways move until the end of October:

 

Back to homepage

Leave a comment

Leave a comment