The Market Will Not Go Down Unless..

The Market Will Not Go Down Unless..


Unless…

  • The death rate from COVID-19 spikes—not the number of cases.
  • The keeps failing while the grows in demand.
  • The civil unrest surges to the point of riots, hence unavoidable disruption.
  • War breaks out in North Korea or Middle East.

Otherwise, the market continues to love the Fed, who has given corporations zero rates and lots of helicopter money. The market loves Trump, who has given corporations virtually no tax bill and little regulation to worry about.

The market loves the government, as they promised Americans another round of stimulus checks.

But, the smart money also knows the market is a tinderbox. Hence, the metals stay strong.

All of this leads to stagflation.

And, the US is now 10th in terms of economic strength.

We are watching the patient (market) on an IV drip, still rallying, but inching closer to its final curtain.

Key Levels

() Inside day. 312.50 pivotal. 320 big resistance 302 support

() 147.20 resistance with support at 140-141

() 260 support 263 resistance

() 240-247.82 range

SPDR® S&P Regional Banking ETF (NYSE:) (Regional Banks) 41.65 resistance 40.00 pivotal, 37.00 major support

VanEck Vectors Semiconductor ETF (NYSE:) (Semiconductors) Inside day, Inside weeks- 139.78 last week’s low-155 resistance

iShares Transportation Average ETF (NYSE:) (Transportation) 158 support 168 resistance

iShares Nasdaq Biotechnology ETF (NASDAQ:) (Biotechnology) 136 support

SPDR® S&P Retail ETF (NYSE:) (Retail) 200-DMA 40.50 support to hold 43.50 resistance

Volatility Index (iPath® Series B S&P 500® Short-Term Futures™ ETN (NYSE:) 34.50-38.50 range

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Michele Schneider


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