Stocks and Precious Metals Charts – Most Economists and Market Pundits In De-nile – Walk Like an Egyptian

from Jesse’s Café Américain

Yesterday I said:

“The 2770 level on the SP 500 Futures chart looks like an important support level. Below that the bulls will need to start taking Xanax if they break 2740 and stick a close below that.”

The continuous contract SP 500 futures, which is what I watch and chart, failed to hold that support at 2770, and closed at 2747, after an intraday low at 2712, which is the diagonal support line from the previous correction lows.

As for big cap tech, after a plunge to test 6905 they managed to come off the lows and actually finish in the green around 7040

So at least for today the market stabilization crew can claim ‘mission accomplished.’

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