Episode 58: Today the S&P500 broke below its 50 day moving average, the NASDAQ is resting on its.
The 50 day line is a key indicator, watch to see if it ultimately acts as support for the indexes. If not the breach could result in a fall to the 200 dma (and below). That would take the S&P500 to about 1945, which in my humble opinion is likely since that’s less than a 2% drop. Today the S&P500 was down 0.63% with intraday fluctuation of 1.8%.
On Wednesday the Federal Reserve will hold a press conference- they’ll try to placate the markets. Watch to see the reaction of Wall Street. The Fed may be losing their grasp as the manipulator of last resort.
The real story is reflected in bond yields. The 10 year Treasury yield continues to drop, now at around 2.12%. That’s a sure sign of concern among major institutional investors. If they’re concerned, you should be too.
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