MacroVoices #348 Eric Peters: On The Road From Mean Reversion To Reflexivity
Macro Voices
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The S&P 500 Refused to Break Below 3900 and Rollover - A Red Flag
The S&P 500 went right up to that 3900 to 4000 target zone. That's where our Fibonacci zones were and a typical market reaction from a very oversold condition would typically retrace to those types of zones. But clearly, this tone that Powell took has really shaken the markets. The rejection here, just above 3900 and rollover, is a red flag. And if this rejection in any way leads to an S&P breaking below 3700, we might finally see that that sell off that heads all the way down to 3200.
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