Two days left this month, and two days until the summit. Tickety-tock.
As I mentioned earlier today, my speculation on Monday that more “bear pain” was ahead turned out to be agonizingly accurate. The speculative chart I offered back then was:
And we blew through that entire yellow zone and then some. Indeed, let’s take a hard look at the updated chart, since I’ve got a few points to make about it.
- Green zone: the base;
- Grey zone: the measured move, thanks to Jerome “yes, Mr. President, sir” Powell;
- Magenta: illustration how we haven’t (yet) violated the “lower highs” series
The next nightmare to face is, of course, the G20. Will he or won’t he? That horizontal line is at the mercy of any kind of market-positive news. The ONLY tidbit of courage I can offer the bears is this: Trump is going to be feeling a lot bolder with 1,000+ fresh Dow points under his belt.
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