S&P continues in the overall downtrend. We will continue to see bear market rallies and pull backs before continuing lower. As you can see, it's been lower lows and lower highs. If you listen to mainstream channels like CNBC or Bloomberg, it's always a bottom when stocks move upward but selling continues.
I noticed when the mainstream says something the opposite usually happens. The week of June 20th, CNBC said that market selling would continue, which it didn't. CNBC said BestBuy would hit $65, it didn't. They continue to trap retailers, so, be very vigilant.
MACD, economic data, and trends are all bearish. We will see recession sooner than "experts" anticipate. Alt Fed continues to slash their Q2 GDP estimates. Q1 already came in at a dismal -1.5%, during a time where unemployment is a historic low of 3.9%. So, with everyone employed that means the money should be flowing through the economy and retail should be good right? Wrong.
Personal debt, revolving and non-revolving credit are at record highs, plus we saw a far worse than expected retail report of -0.3% vs 0.2% estimates. If you look at the data, it's not looking great. Earnings will take hits left and right and we have a much bigger chunk to go down.
I noticed when the mainstream says something the opposite usually happens. The week of June 20th, CNBC said that market selling would continue, which it didn't. CNBC said BestBuy would hit $65, it didn't. They continue to trap retailers, so, be very vigilant.
MACD, economic data, and trends are all bearish. We will see recession sooner than "experts" anticipate. Alt Fed continues to slash their Q2 GDP estimates. Q1 already came in at a dismal -1.5%, during a time where unemployment is a historic low of 3.9%. So, with everyone employed that means the money should be flowing through the economy and retail should be good right? Wrong.
Personal debt, revolving and non-revolving credit are at record highs, plus we saw a far worse than expected retail report of -0.3% vs 0.2% estimates. If you look at the data, it's not looking great. Earnings will take hits left and right and we have a much bigger chunk to go down.
Trade closed manually:
Miss.
