S&P 500 – Traps, More Traps
S&P 500 just couldn‘t keep its head above water, and those rips were sold before the close, opening the door to my key 3,980 level. And that was consumer confidence only day, which has shown that people don‘t like that much being squeezed by inflation and having to increase savings while real personal income isn‘t going anywhere.
The bulls found the news of course impossible to run with – well, I say bulls, but more correctly that should read as buy the dippers, i.e. those on the lookout for an elusive rebound.
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And elusive it would be no matter the good data from China with positive consequences down the road that were again sold into, because today is the manufacturing PMI – and stocks are appropriately positioned equals sliding into the data release (the telltale sign why explained in the chart annotation – chart courtesy of www.stockcharts.com).
Breaking below 3,955 is the objective as the bears are aiming next (before Friday is over) towards the 3,910 strong support.
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