All going as planned so far.
As you can see from our chart, we're consolidating right in that zone between the 200-hour and 50-hour moving average and 3,350 is also the 50-day moving average, so it's a lot harsher resistance than you would think. We gapped into that zone last week so we didn't "earn" it and we probably have very little support below the 50-hour moving average so, if we can't get back over 3,350 this week – that short bet on the S&P Futures (/ES) we discussed making yesterday could make a vey nice pay-off.
It would be one thing if we were moving up on good news but there's really not any good news to report – it's kind of depressing actually, as noted by John Oliver this weekend:
Here's the front page of the Wall Street Journal this morning:
- Global Virus Deaths Surpass One Million
- U.S. Retail Bankruptcies Hit Record in First Half
- Gold’s Record High Gives New Life to Dollar Doomsayers
- Manhattan Offices Are Nearly Empty, Threatening New York City’s Recovery
- Ransomware Attack Hits Universal Health Services
- Brookfield Cuts Staff as It Tries to Steady Mall Portfolio
Not exactly rally fuel is it? 205,000 (20%) of those 1M Global Deaths are in the USA, which has 4% of the Global population so Trump is killing his citizens at a rate which is 5x greater than other World leaders – GREATNESS!!!
IN PROGRESS