|April 6 @ 11:30 am ET|
A reminder from this post that 2625 and 2585 are important near/long-term support/resistance levels for the SPX...and that if 2585 failed to hold, a retest of 2460 was long overdue...or even an eventual decline to 2220...
|April 6 @ 2:35 am ET|
* UPDATE at today's close...today's low is a fraction above 2585...
|Today's low is a fraction above 2585|
As we've witnessed over the past months, the Fed's former "plunge-protection" program has been replaced by its rate-hiking policy and discontinued bond-buying program. This factor, combined with:
- political uncertainty tied to the November mid-term Congressional election,
- President Trump's tweets/threats of tariffs on billions of dollars worth of goods from China, and
- today's comments from Secretary-Treasurer, Steve Mnuchin, "Well I didn't say it's not the beginning of one, I said that we're actually not in a trade war...but there is the potential of a trade war."
Throw into this mix:
- Mark Zuckerberg's revelation this week that most of Facebook's 2 billion users may have already been exposed to data scraping and "malicious actors," plus
- the unknown fallout/consequences that FB and also other tech/social media and app providers/websites/platforms may experience over the coming weeks from their users, advertizers, a growing list of global regulators, and those with a variety of pending and potential lawsuits,
The following 1 YR charts of the FAANGs + 5 Tech stocks that make up FNGU show the volatility they've experienced this year (on accelerating downside rate-of-change)...that's not likely to abate anytime soon.