..SPX futures now showing 5,741 just 21pts above the must hold level/
..does not look good even for an oversold market, because the market now perceives that Trump isn't interested at all to support a market under seige, by not ruling out recession.
Make or break time: #ES_F spent last two days bouncing/trapping below 5720. Its support of a huge 4 month "megaphone pattern"
Plan Next Week: Bulls must hold 5720 lowest, which targets 5875-85 next. No "bottom" until that recovers.
If 5720 fails, we sell again to 5645, then 5567
..and meanwhile JPY yields are skyrocketing putting greater pressure on the yen carry trades
Japan 40Y bond yield hits highest in history. Eventually markets will remember that Japan has to roll over the world's biggest debt load ever assembled. https://x.com/zerohedge/status/1898919330261213626
..so you have headwinds for the US market on 3 fronts
1. European liquidation of US dollar and dollar assets (equities)
2. Rising JPY (exacerbated by 1 above) and rising JPY yields pressuring unwinding of yen carry trades
3. Falling US domestic confidence on their economy and markets: no Trump put, Fed staying pat, negative narratives and worsening of economic data ahead
