Monday, August 16, 2021

SPX Update

While fundamentals continue to deteriorate, on Friday, SPX came within a dozen points of its more than two-month-old standing upside target:

Near-term, SPX flirted with the previously-noted black trend line, but has yet to sustain the breakout bulls need:

In conclusion, Friday was an 8 point range, so still not much to add to the past few updates.  Trade safe.

1 comment:

  1. I now suspect the bond market had it right all along regardless of the FEDS intervention. The delta variant has mushroomed out of control very quickly. I always look for a crash so that this with a grin of salt but it feels like a big drop is here this week. Consumer confidence dropped like a stone and virus restrictions will try to force the stubborn to get the vaccine. I suspect it will work but not before more economic damage. If markets survive this week than i can't see anything else to pop this bubble down.