On the market front, last updated discussed the SPX 3950s as next meaningful resistance, and the market obliged with a strong rejection from that zone:
Here's what I was able to recreate of the NYA chart (for the third time, now). Not everything I wanted to share (I have twice annotated a detailed wave count, which Stockcharts has deleted both times), but I'll take what I can get at this point:
As an aside, does anyone else think the figures represented on the graph below are... for lack of a better term... completely insane? Apparently we're not even paying lip-service to the concept of being fiscally-responsible anymore. In my opinion, Bernanke's original QE (2009 through The End of Civilization) seems to have been the very embodiment of a "slippery slope."
As a result of QE, the new thinking seems to be: "After all, since we got away with that, then why not try to get away with XYZ?"
Ideas have consequences.
In conclusion, SPX stalled at resistance and dropped about 54 points down to blue support near 3900. Next bull/bear zones remain noted on the SPX chart (3/22 and 3/24 annotations). Trade safe.
pithy
ReplyDeleteWhat is this "fiscal responsibility" of which you speak?
ReplyDeleteOld school deficit hawk. Whole world is getting used to deficit. unless whole world's economy collapses, it will continue fine. More scary than needed to be.
ReplyDelete