The S&P 500 is struggling to break above the 50% retracement of its collapse. If it cannot break above here and continue to rally, then we could see…
Wall Street begins reporting earnings for the first quarter this week.
Everyone expects earnings will be a disaster. After all, the economy first slowed, then ground to a complete halt last quarter. The issue now, as far as traders are concerned, is whether the results surprise to the downside, meaning, things are in fact worse than everyone already assumes.
The markets are preparing for their next major move.
The S&P 500 is struggling to break above the 50% retracement of its collapse. If it cannot break above here and continue to rally, then we could see another collapse.
Similarly, Treasuries, which are a safe haven, remain extremely close to their all-time highs. Given that things are supposed to be improving… shouldn’t bonds be breaking down more? Are these bonds warning us there’s more trouble ahead?
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Chief Market Strategist
Phoenix Capital Research