Markets have cascaded back down to the level which was previously RESISTANCE for markets, pre-covid, dating back to 2018.
In short, this line, or around this area, needs to hold — otherwise we swim rapidly downstream and into the abyss. Given how terrible this tape has been, I’m somewhat sanguine about the specter of bouncing at or around these levels. Nonetheless, I will always keep hedges in place due to geopolitical circumstances.
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lose this level and its lights out
That’s the Biden/Powel market bubble going. The liquidity has still to be withdrawn, though. Then there’s the Bernanke and Yellen legacies to deal with…
They ignored asset prices! And they are the inflation!