SPX is now probing the lower band of a narrow but steady upward channel that has formed over the past two months, as well as the line connecting the Feb2019 and Sep2019 highs - the gray line.
Odds appear to favor an eventual breach of this channel to the downside and the current pullback has its potential to do so.
If so, monitor whether it is a larger degree correction (Chart 1, 2 blue) or a small degree pullback (Chart 2 green) to probe the 50 DMA.
DJIA just past Fib 21 yrs from 14 Jan 2000 peak and 21 is also another important sub-division.
ReplyDeleteThe GOP Senators allowing of Biden & Harris to get in today and not deal with the ballot fraud where Trump won, now means that the Republican Party will not be able to win elections again unless those running are pro Trump oriented candidates.
ReplyDeleteTrump today signaled starting a new party which will split the right wing vote and will take 80% or the GOP voters.
Investors should factor this in to their calculations and plans.
The UK Conservatives also are making themselves unelectable over the lockdowns.
Further to my above comment above does the Republican Party really think they will be able to win a POTUS election again anytime in the next 2 decades or control of the federal Senate too after they failed to support Trump - the candidate 80 million GOP voters voted for ?
ReplyDeleteAt least half of those 80 million, possibly more like 80-90%, will walk in one form another to a new party, abstain or even go Libertarian. Because the RNC cannot be trusted.
The House races also could be effected and some State elections too.