The Economic Modern Family is Outward Bound: What Do the Charts Tell Us?
As the lazy days of summer come to an end, the Economic Modern Family has been anything but lazy. In the last 3 weeks, there have been significant movements in the financial markets. With the Fed expected to lower rates, inflation down, and geopolitical tensions rising, the market is in a state of flux.
The key players in the Family, such as Granny, Granddad, Brother, and Prodigal Son, have all seen rallies, but none have cleared their July highs. This means that there are still key levels that need to be cleared for these assets to see further gains.
Nvidia’s upcoming report will be crucial for Sister, as the market watches for any impact on the SMH ETF. Bitcoin has seen significant cash inflows, with the key area to hold at 62,000 and the next target at 68,000, potentially leading to a push towards 90,000.
In terms of ETFs, the S&P 500, Russell 2000, Dow, Nasdaq, and others are all at pivotal points, with key support and resistance levels to watch. The market remains in a state of uncertainty, with key levels to break for further gains.
Overall, it’s important for investors to pay close attention to these key levels and events in the financial markets to make informed decisions about their investments. The market is volatile, but with careful analysis and strategic planning, investors can navigate these uncertain times and potentially see significant gains in their portfolios.