S&P 500 Chart and GDP
This morning the Q3 GDP was revised lower to 2.8% (from 3.5%) and personal consumption was also revised lower to 2.9% (from 3.2%).
The mortgage industry is still falling apart from within. Consider this news out of Freddie Mac (FRE) this morning:
Freddie Mac Reports Oct monthly metrics; Single Family delinquency rate 3.54% v 3.33% m/m
Until there is a significant improvement in delinquencies this data still suggests much steeper losses lay ahead of us in the financial sector.
S&P Case Shiller Price Index came in ‘not so hot’:
SEPT S&P/CASESHILLER-20 Y/Y: -9.36% V -9.10%E;Â Â HOME PRICE INDEX: 146.5 V 146.9E
It had been showing the slightest sign of stabilization in recent reports, now it is headed back down again.
During the overnight hours we got confirmation of the channel on the S&P E-mini’s with the /ES trading down to 1098, right at the channel support line.
Watch this channel carefully, a move below the channel is the dynamic change needed to set this market into a new downward path. The range of the channel is 1100 on the bottom and 1120 on the high side.
S&P Futures
Are you calling a top?
For you ‘Cash’.. I’ll call whatever you want
avk, your frustrated bears will continue to be frustrated for a while more….no harm done since bears have been frustrated since march this year.
As for chuck, how many times have you drawn and redrawn your lines till everyone is confused??? you can’t trade for sure. I challenge you, show me your day trade account and i will pay you a thousand dollars if u had literally traded every day since march this year and made $$….i know with 75% confidence that you can’t daytrade based on your chart analysis….don’t teach other the wrong things, for goodness sake…