This news cycle is particularly annoying as the markets go through daily cheer or gloom as the media calls the play-by-play for enthralled casino patrons in sync with the Trade War headlines (with a side of Trump impeachment headlines). It’s not about the bullish prospects of the leading Semi sector or the bearish omens of the manufacturing sector in recession. No, it’s the headlines and Fed obsession running this shit show on a daily basis lately.
Here is the daily chart of SPX at yesterday’s close. It is due to open this morning at 2964, which puts it above the EMA 20 and lateral resistance.
And those markers open the door to potentially put the Drive to 5 back in play, per the weekly chart.
Here is how NFTRH 571’s Wrap Up segment put it on Sunday…
Note the last word above. For now, that continues to be the key word as the market is on the verge of neutralizing a perfectly good short-term breakdown after holding support. The Drive to 5 theme lives on for now.
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