Yep fed is always ready to bailout the economy. No such thing as recessions in this new world economy. Remember that always. Powell says it’s the Fed’s job to keep the economy in a ‘good place’ for ‘as long as possible’ PUBLISHED AN HOUR AGOUPDATED 28 MIN AGO Fred Imbert@FOIMBERT KEY POINTS “While not everyone fully shares economic opportunities and the economy faces some risks, overall it is— as I like to say— in a good place,” Powell said in prepared remarks. Powell’s comments came after a raft of disappointing data releases this week. This batch of weaker-than-forecast economic numbers led traders to ratchet up their bets on easier monetary policy from the Fed. “While we believe our strategy and tools have been and remain effective, the U.S. economy, like other advanced economies around the world, is facing some longer-term challenges,” Powell says. https://www.cnbc.com/2019/10/04/pow...-in-a-good-place-for-as-long-as-possible.html
Give me your bull argument The lower trendline from August ? My bearish stance is all of previous September support is above at 2945-2960 which I think hampers any upmove especially with an open gap below Also the reaction from 2855 is setting up an SPX neckline with right shoulder being formed here Puts SPX in a 2960 ish to 2640 trading range for me unless see the chart change from here to void my analysis Downside objectives are 2911 2856 2725 And 2650
I think you have to re-read the post to which you are replying. Not favoring a short trade does not make me a bull. Nor does it even make me anti-bear. It makes me unwilling to put capital in, either way, unless/until I discern a viable trade.
Only reason for today's rally was based on job numbers coming in within where they were expecting them to be and not any crazier than the huge miss the manufacturing numbers had from just a couple of days ago. I think main focus next week though will be back trade talks.