Equities began the week on a weak note, the SPX settling -55pts (1.0%) to 5695.
sp’weekly1b
Summary
SPX: One down day doesn’t break a multi-week trend, but today’s weakness was kinda interesting. Weekly momentum has started to tick back lower, if currently still fractionally positive.
Things turn interesting <5600, which would offer the mid 5300s, where the 200dma will be in Halloween week.
A monthly close <5300 would be a decisive break of m/t trend, and be suggestive that 5767 was a key m/t high. Clearly though… its a case of seeing how we settle Thurs’ Oct’31st / Halloween.
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Looking ahead
Tuesday will see NFIB optim’, intl’ trade
Earnings: $PEP $ACCD
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Final note
The excess deaths haven’t gone away…
https://metatron.substack.com/p/excess-mortality-2013-to-2023
A fine little summary of the UK… with data up to 2023, as those in their 50s are especially vulnerable to ‘dying suddenly’.
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The old ‘if you don’t hold it… you don’t own it’… remains true, as a corrupt and broke regime will be inclined to raiding the banks.
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‘I will no longer revisit Europe. I saw the Colosseum for the last time. It will not be standing in the years ahead. ‘ – Armstrong
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Indeed, its been one full year.
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Rammstein
No, not the German music group… but the place. It seems this Saturday will see a meeting in Germany that might see permission given by the west for the Ukrainians to use long range missiles against Russia.
This would be an extremely bad thing to happen. If Russia is hit to a significant extent, then western military bases could be expected to be attacked… perhaps using hyper sonics.
Such a development would justly see world equities smashed lower, with higher oil, gold, bonds, and a stronger dollar.
I will hope the west isn’t stupid enough to ‘permit’ the proxy-war weapons to be used against Russia, not least Moscow, or gods forbid… the Kremlin itself.
Goodnight from London