sp'60min
Summary
*closing hour action: micro chop, leaning a touch on the downside.. unable to clear the hourly 10MA.
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.. and another week in the world's most twisted casino comes to an end.
Unquestionably, with new multi-month highs of sp'2087 and Dow 17962, the equity bulls have a lot to be rather pleased about.
However... the bulls have been battling to break new highs for almost an entire year. If they can't keep pushing upward.. they are facing an epic fail.
The interesting (and scary) issue is how would the Fed - and other central banks, react to renewed equity downside?
At what level of the sp'500 would the Fed start issuing threats of QE4 or lowering rates to zero (or NIRP) ?
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In any case....
...have a good weekend everyone
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*the usual bits and pieces across the evening to wrap up the week