With SPX having recovered almost two-thirds and FTSE all of its Brexit losses (from their inflated pre-Brexit ramp job heights) by the end of the 2nd quarter, The Powers That Be can pat each other on the back. The crisis has been averted, the “markets” are safe, and life is worth living again. Mission accomplished.
After the quarter officially ends, maybe USDJPY will go back to wallowing around on its way lower. After tagging our downside target last night (a few hours late) it has managed to maintain the positive channel, and should manage to do so for a few more hours.CL, which had gained a stunning 9.1% in order to rescue stocks, is down 2.8% since yesterday’s top call. Congrats to all who were foolhardy enough to heed the call.SPX hit its .618 Fib yesterday, a sharp 4.3% spike off Monday’s lows but landing at a spot that should produce a reversal.
This has been a very difficult month, with chart and Fib patterns trashed at every opportunity by the folks who are really running the show: your friends and mine, the central bankers.
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