- Just a reminder...the SP500 1 Yr Daily Chart (in the sidebar at the right) has the same information as above if you don't see a post. And if there is nothing very different from my last post, I probably won't post.
- As described last time, I'm in trader mode because it is pretty unclear right now...meaning, I can see it going either way (despite my preference).
- But for now, closed below the 90DMA which puts me back to selling rallies intraday. Note: will flip again as necessary.
- For longer term traders...something to consider is the potential for a head and shoulders pattern (right shoulder) forming. If that's the case and it breaks below recent swing lows...projected price would be 920's.
- Oh...and this can't be good for or indicative of a healthy economy... Or this either... The FDIC report comes just two weeks after the bi-partisan Congressional Oversight Panel released a 183 page report that says 2,988 small U.S. banks are about to “get hit by a tidal wave of commercial-real estate loan failures”. That’s approximately 38% of the 8,000 banks in the U.S.
- One day at a time.
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