The current level for the S&P 500 is quite signigicant. If this fails today then the July low would be a feasible target. If the level holds the bulls will have the opportunity during the thin trading levels of August to eventually test the 1130 level.
Clive Corcoran's favored speculative scenario for price developments going forward is for a gentle upward bias for equities and risk assets through August but with gathering clouds for risk aversion as September nears.
Everyone is doing the right thing. Households are reducing spending. Business is reducing its costs. GDP growth is falling and investors are taking shelter in Treasury debt. So what’s the problem?
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