(For Those That Want To Know) what I’m watching
As I type this (~1:00pm ET Wednesday) the “markets” are both exhibiting, as well as positioned precisely where we were yesterday when I was both observing and about to opine the following…
…following this melt-up via my technical eye when for all intents and purposes I mused looking at the unfolding price action and said “Well, there’s no denying that, that’s a textbook breakout which opens the door for a possible retest of not just the prior highs, but setting the table for the headline: New never before seen in human history highs!”“Just When You Think…”
What happened next is yesterday’s news. However, today the exact same set up via a technical perspective is playing out with the same implications. To wit:
The above is the S&P 500™ represented via one minute candles/bars. Everything that was possible yesterday is still possible today, meaning: Get back under that red line (notice how important the market seems to view it?) and a continuation lower, and possibly much lower and faster is right back front and center. Stay above it? Just reread the above quote from yesterday, it’s that simple.
Oh, and speaking of simple, may I remind you of this one other simple piece of information…
It’s still all based on whether or not Ms. Pelosi wants a stimulus deal. i.e., Do you feel lucky that she will allow Mr. Trump a win (in any form regardless of size) going into the election in under 28 days?
It’s that simple and complicated all at the same time.
As always, we shall see.
© 2020 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.