Market near Top. SOXX is showing weakness.
So first off, I am expecting a recession to begin in the next year.
I know, people have been saying this for years and I've been laughing at them for years. So many idiots thought that a recession begins once the yield curve inverts lol.
Well there's several things I've been watching for a recession: new home sales, unemployment claims, leading economic index (LEI), etc.
One of the last signs before a recession, believe it or not, is the SPX making a new high.
And we finally got NFP under +50k.
I don't think SPX will go much higher than 6100. And if you look at SOXX, an index of semiconductor stocks, it is actually below the 200-day simple moving average (sma). This seems to have escaped a lot of people's attention. I am watching to see if it breaks below October's low of 216.56.
I know, people have been saying this for years and I've been laughing at them for years. So many idiots thought that a recession begins once the yield curve inverts lol.
Well there's several things I've been watching for a recession: new home sales, unemployment claims, leading economic index (LEI), etc.
One of the last signs before a recession, believe it or not, is the SPX making a new high.
And we finally got NFP under +50k.
I don't think SPX will go much higher than 6100. And if you look at SOXX, an index of semiconductor stocks, it is actually below the 200-day simple moving average (sma). This seems to have escaped a lot of people's attention. I am watching to see if it breaks below October's low of 216.56.
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