Equities saw significant midweek weakness, the SPX printing 5762, if recovering to settle -0.9% to 5797.
sp’weekly1b
Summary
SPX: I’ve re-drawn the ascending wedge… taking into account today’s low of 5762. However you draw it though, the m/t trend is clearly still bullish. Weekly momentum is ticking lower, but remains positive.
I have to think the bulls have a reasonable chance of the 5900s with the election. Psy’ 6K looks out of range… until mid/late November.
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Looking ahead
Thursday will see Weekly jobs, PMI serv’, PMI manu’, new home sales
Earnings: $AAL $UPS $LUV $NDAQ $LKQ $CARR $TSCO $UNP $OSIS $TPH $DXCM $DECK $WDC $SKX $EW $BYD $COUR $TXRH $APPF $KNSL
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Final note
Dr Campbell on a Vit’ D paper. There are other things of course that shape health, but many are clearly struggling due to various nutrient deficiencies… an issue RFK has also been highlighting.
More from Campbell, with guest . We’re some 4.5 years from the start of the C19 hysteria, but most still haven’t come to understand what really happened.
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The BoC … panicking
I deemed the Fed’s Sept’18th cut of -50bps a sign of panic. Today saw the BoC cut by -50bps. Whilst I’d cite the ‘broken consumer’ as a concern, what are those at BoC worried about?
Every rate cut from each of the central banks will be an upward pressure on gold, which did print (if cooling back $50) a new hist’ high of $2772. Giant psy’ $3K is clearly viable within November… not least if something ‘crazy’ happens.
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The Celente. You know what you’re getting.
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Another day closer
… to the election. Trump appears set for victory, hopefully decisive enough, that we won’t have to care about any states that take DAYS to finalise their counts.
Many… yours truly included, will be pleased to be on the flip side of November fifth, and move onto other things… not least another season of Breaking Bad.
Goodnight from London