Thursday, August 5, 2021

Morning Post 08/05/2021 SPX

FUBAR but somehow we manage to keep one wheel on the rails. Everyone in the msm should be drawn and quartered.  

Good vs evil 

On to the lie - 

Me thinks the 20dma is now worthless again. It made a brief comeback a few days ago, but I think it’s relevance is toast. So, support … yeah … um if something were to happen the 50dma is 100 (or 1,000 DOW) points away. That’s comparable to a walk to the mailbox these days. The 200 is roughly 10% away, but IMO the first real (and minor) support is around 3200 roughly 25% below. Just MHO. The new normal may be overdue for a larger dip (to create another buying opportunity of course). There are zero signs the Fed will allow this. Pure speculation on my part. Hypothesizing out loud, usually not recommended. 

More to come below. 

Have a good day.

GL and GB!

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