Marc Chandler – Multi-Year Relationships and Patterns That Have Been Turned On Their Head; Currencies, Central Bank Policies, Gold, and US vs China Economies
Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins me to outline some of the major changes in trends and market patterns so far this year.
Some of the key differences this year from the past couple years include lagging currencies starting to get a buy, emerging markets also starting to rise, gold trending higher and central banks changing course on monetary policies. We then look ahead to next week which includes the fed meeting.
The S&P is in the middle of the range that Avi gave for a potential pullback: 4300-4485. Could things turn around by about Tuesday and head for 5500 in the next few months? Remember, bull markets tend to have lots of empty seats when the train actually pulls out.
We’re down supposedly over two TRILLION in market cap this year. Starting to hurt!
I actually like the way gold held in there with the 1830-35 region. Cryptos are still diving.
Time for a beer…..enjoy your weekends, all.
QQQ closed below its 1 year (250 day) MA for the first time since the covid crash and did so on the biggest volume since then. This correction has been a long time coming but it’s here now and it won’t end soon.
https://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=1&mn=1&dy=0&id=p86680227804&a=1030012501
The Nasdaq vs Gold fell right to important fork support while filling a huge gap that it left behind in June.
https://stockcharts.com/h-sc/ui?s=%24COMPQ%3A%24GOLD&p=W&yr=5&mn=11&dy=0&id=p03282740166&a=942653924
Everything stinks…………….