UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Sunday, February 04, 2018
S&P 500 Index: Major Support at 2500
There is a convergence of the 200-day moving average with two trendlines at 2525 on the daily chart, and, more importantly, a convergence of two external Fibonacci retracement levels with the +1 standard deviation level of a long-term uptrending regression channel at 2485 on the monthly chart.
If we see a major sell-off in equities, we may see price, ultimately, fall to somewhere around 2500 (a 10% drop from Friday's close) before it stabilizes. Keep an eye on the FAANGs +5, as I more fully outlined here, as well as the 10YRT, as I described here and here. Further weakness in the FAANGs + 5, together with continued rising rates in the 10YRT, could very well propel such a drop in the SPX to that level, or lower.