As things are moving so fast here as we sweep through the 1980 support today on the Sp500 I want to bring you a few more 2016 Outlook technical updates.
First up, today, Fitzpatrick’s latest comments. When he released this the support Sp500 was holding but for now its quickly fallen over and as his base case rested on the support holding at the close these price levels are starting to play into the bearish case meaningfully coming forward here. All eyes to this close. Is the 1980 level totally blown or can we at the close narrow the gap?
Even on a bounce, new highs for DM indexes are looking increasingly unlikely. The yield curve is more quickly flattening than anyone predicted. If US consumer confidence slips here, probably predicated on US housing data, this would certainly become a fully blown bear market. (Watch the USDSGD, a breakout would be negative equity).
Here CS’s 2016 Outlook
And here a quick tech outlook and targets on the Indian market, previously a great performer due to debasement in a great part.
I’m traveling for the next few days, unfortunately. I will be involved but wont be able to comment.
Luck to all
Rich