The S&P 500 broke down a bit during the trading session as James Bullard decided to point out the obvious fact that every time the Federal Reserve raises interest rates, a recession follows. It was a bit of a surprise to me that most of the market didn’t know this, so the sharp selloff was a bit of a surprise to say the least. However, once the Europeans went home the Americans came in about the market up, a phenomenon that we have seen time and time again as Europeans worry about the latest panic of the day, and the Americans are simply paying attention to earnings. Because of this, we are seeing two different days for every 24 hour cycle at this point. I do believe that there is plenty of support below to keep this market afloat, but right now I would let it drop a little bit further before putting any money to work.
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S&P 500 and NASDAQ 100 Forecast September 6, 2018