(For Those That Want To Know)
Below is an updated chart using the S&P 500™ as of today’s (Wednesday) close. It is depicted using daily candles/bars. It is more of a “Big Picture” chart rather than some of the more nuanced versions I use. However, I think this view is a bit more important than the others today, because it reflects more of where we were and where we’ve come back to.
As I’ve said ad nauseam on my show: I have still yet to see anything happening within the capital markets that is sufficient enough for me to alter my ongoing commentary of where or what I see happening any time between now and November. e.g. I am still of the opinion we are going to revisit those March lows, at a minimum. Proving, either I was correct with my analysis, or the Prof. Jeremy Siegel of the Wharton School will be with his, which is precisely the opposite as in “never will.”
So here’s that “picture.” To wit:
The above pretty much speaks for itself via the applied annotations. What I find awfully interesting as I was preparing all this is that both Microsoft™ as well as Tesla™ have reported earnings – and the indexes have barely moved in the overnight. As a matter of fact Microsoft reported a much anticipated (and breathlessly awaited) beat for the report. And the stock is as of this writing trading lower by over 2.5%.
Tesla did much the same, and although it is currently up – in retrospect of how important of a report this was and all the great hopes riding on it – for all intents and purposes – its only up about $65 as of this writing. To anyone else that would be rock solid, break out the champagne bottles. But we’re talking Tesla here. It moves multiples of that any morning or afternoon depending on what type of underwear Elon may be selling on whichever given day.
As always, we shall see.
© 2020 Mark St.Cyr