Back Toward the Underbelly

By Tim Knight

Well, my hope that prices would swan-dive away from the broken trendline are denied – – or at least delayed – – as equity prices clamor back toward the underbelly of the broken trendline. We see that here with the S&P 500 e-mini futures…….

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……as well as the NASDAQ…….

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There’s no particular news driving this (and, to be clear, the gains are modest – – about a quarter of a percent overnight) but maybe the Jackson Hole event is lulling people into banging the Buy button again. All I know is that if selling does resume, it tends to escalate extremely fast, so I’d rather be in position beforehand.

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