Well, that didn’t go as planned, now did it? Powell didn’t say much that was new. But if you listened to what he said, the current environment supports further rate cuts based on the geopolitical factors.
The S&P 500 fell pretty sharply today by about 2.6% worth. The S&P 500 manged to close right in that critical zone of support around 2850. I call it critical because the next stop is 2825, and I’d rather not find out if the market can hold support there again.
The market now finds itself in a precarious spot and the next 1% is going to be very telling, if we retest the lows of Junes, or if has enough strength to retest 2935. Market In Precarious Spot
It becomes that simple for now.
Being it is Friday, we will leave it at that, with more over the weekend.
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