- The market has indeed encountered resistance at the resistance lines we've been watching.
- This is about the best bears could have hoped for at this point, but
- So far, the decline is not yet impulsive.
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Friday, August 4, 2023
SPX, NYA, COMPQ: Resistance Resists...
Wednesday, August 2, 2023
SPX, NYA, COMPQ, BKX: Credit "Raiding"
In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years
Yeah, no kidding. Government has gotten so bad that I went from having a rule to never bring up anything political (which I succeeded in doing for years) to feeling forced to mention certain issues (usually obliquely, but occasionally directly) in these updates on and off for the past 4 years or so. Of course, it doesn't help that our country is now more polarized than ever and therefore EVERYTHING is perceived as political, even things that shouldn't be (in my view, issues such as free speech and creeping totalitarianism are not "political" issues, they are human rights issues, and thus we'd do better to stop viewing them through the lens of our political affiliations and instead fight for/against them with the same vigor on whichever side of the aisle we find them. A politician who's trying to sell us totalitarian policies is no longer on "our" side, even if they still claim to be.).
Fitch also underscored the rising general government deficit, which Fitch expects will rise from 3.7% in 2022 to 6.3% of gross domestic product in 2023.Monday, July 31, 2023
SPX and NYA: Near-Term Potential
Friday, July 28, 2023
SPX, NYA, COMPQ, BKX, Oil: Oil's Well That Ends Well
Wednesday, July 26, 2023
SPX and COMPQ: Tyrants and Tie Rants
Today is the much-anticipated Fed Day, and many pundits have wondered whether Jerome Powell will "stay the course" and wear either his blue or purple tie, or whether he'll signal a shift in stance by wearing something new. Since we covered all that in great detail on Monday (???), there's not much to add in that regard, however, I did add the official "bear version" of the current rally to the SPX chart:
COMPQ is now attempting its first back-test from above, which is worth keeping an eye on:
Beyond that, it's just a matter of waiting for the Fed, though Lord only knows WHY we have to play this stupid waiting game every Fed day, no matter what the announcement, but that's the way things work now. Trade safe.