Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Faltering Thursday – Back to S&P 2,850 as Trump Opens New EU Trade War Front

MADNESS! As if there are not enough things going on, Trump announced just before yesterday's close that he would now be placing tariffs on European Union goods , including aircraft, clothing, whisky, cheese, yogurt and agricultural products.  Who buys aircraft from Europe?  US Airlines do, that's who.  And who ends up paying for the additional cost of the planes they buy?  I'll give you a hint – it isn't Mexico!   So, as if the Dow Transports didn't have enough troubles, this is going to really put them in technical trouble – along with all the indexes as they are close to failing their 200-day moving averages which, on the S&P 500, is 2,850 – also the mid-point we've been telling you would true up on the S&P chart since the beginning of summer thanks to our Fabulous 5% Rule™: Back in our August 8th PSW Report, we noted the following bounce lines for our indexes (colors reflect current positions): Dow  25,000  is the mid-point and bounce lines are  25,550  (weak) and  26,100  (strong) S&P  2,850  is the mid-point and bounce lines are  2,880  (weak) and  2,910  (strong) Nasdaq  7,200  is the mid-point and bounce lines are  7,360  (weak) and  7,520  (strong) Russell  1,440  is the mid-point and bounce lines are  1,472  (weak) and  1,504  (strong)  I had to change S&P 2,880 and Russell 1,472 from green to black (we're right at the lines) but, otherwise, we're right where we are (2 boxes weaker) 2 months ago and that's right where we were two months before that and, in fact, 2 YEARS before that.  This market has gone nowhere during the Trump Error – nowhere at all!     IN PROGRESS    

Image result for madness trumpMADNESS!

As if there are not enough things going on, Trump announced just before yesterday's close that he would now be placing tariffs on European Union goods, including aircraft, clothing, whisky, cheese, yogurt and agricultural products.  Who buys aircraft from Europe?  US Airlines do, that's who.  And who ends up paying for the additional cost of the planes they buy?  I'll give you a hint – it isn't Mexico! 

So, as if the Dow Transports didn't have enough troubles, this is going to really put them in technical trouble – along with all the indexes as they are close to failing their 200-day moving averages which, on the S&P 500, is 2,850 – also the mid-point we've been telling you would true up on the S&P chart since the beginning of summer thanks to our Fabulous 5% Rule™:

Back in our August 8th PSW Report, we noted the following bounce lines for our indexes (colors reflect current positions):

  • Dow 25,000 is the mid-point and bounce lines are 25,550 (weak) and 26,100 (strong)
  • S&P 2,850 is the mid-point and bounce lines are 2,880 (weak) and 2,910 (strong)
  • Nasdaq 7,200 is the mid-point and bounce lines are 7,360 (weak) and 7,520 (strong)
  • Russell 1,440 is the mid-point and bounce lines are 1,472 (weak) and 1,504 (strong) 

I had to change S&P 2,880 and Russell 1,472 from green to black (we're right at the lines) but, otherwise, we're right where we are (2 boxes weaker) 2 months ago and that's right where we were two months before that and, in fact, 2 YEARS before that.  This market has gone nowhere during the Trump Error – nowhere at all!  

 

IN PROGRESS

 

 

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.