It was a mixed Tuesday in equity land, the SPX printing 5441, if recovering to settle +24pts (0.4%) to 5495.
sp’weekly1b
Summary
SPX: as things are, we’re net higher for the week by +87pts (1.6%). Weekly momentum is still increasingly negative. There are multiple aspects of resistance around 5500, which should hold, with another swing lower to around 5350 before the weekend.
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Looking ahead
Wednesday will see CPI, consensus:
Headline y/y: 2.6% vs 2.9% prior
Core y/y: 3.2% vs 3.2% prior
Other data: EIA Pet’
Earnings: $DBI $VRA $TEN $OXM $LSAK
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Final note
‘‘We are looking at increased inflation into 2028 caused by shortages and war.’ – Armstrong, and I do lean to that outlook.
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Even Goldman Sachs were touting ‘go to gold’ today.
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*I’ve not watched this yet, but I’d agree silver is struggling due to China.
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The Lin on oil… having printed the $65s today.
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*I’ve not watched this one either, but I think it’ll interest some of you.
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Ms. Cambone with the Gayed, whom used to block me and some of my followers… for no known reason!
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The Judge and Sachs… highly recommended.
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The Tuesday ‘show’
Trump and Harris are due 9pm EDT. Yours truly will be in bed… 2am BST, and I guess I’ll watch via a Youtube feed.
Its difficult not to see Trump fairing better, as Ms. Harris has been in hiding… much like Biden did in June. Regardless… it is a freakshow, and I especially liked this one…
In many ways… its just a sad situation, as the future of the USA depends on either of these two. As young Anakin once said… “I don’t think the system works”.
Goodnight from London