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Critical 2-Year Resistance, Key Fed Data, CRM Earnings, Bonds and Sector Watch

by | Nov 30, 2023

I’m very concerned about this market right now and where we’re at from a technical standpoint. 

And I think we’re headed for a downturn. Let me explain…

This morning’s Personal Consumption Expenditures Price Index report, excluding food and energy, rose 0.2% for the month and 3.5% year over year. Both numbers were in line with expectations. 

The bond market (TLT), meanwhile, is pricing in an interest rate cut in March, but I don’t believe that to be the case. The Federal Reserve has the last word, and we’re just not there yet.

I think reality is going to set in on this at some point, and we’re going to have a pullback. 

The data we’ve been getting shows that things aren’t getting worse with inflation, which is good. But they’re also showing us that things aren’t getting better — yet. 

So I see rates staying higher for longer… When that reality sets in… downturn!

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

In today’s all-new briefing… I’ll discuss whether the two-year resistance level on SPY and DIA will be broken to the upside, or if we’re going to bounce back down… why there’s such a big disconnect between the bond market and the Fed… the sector showing no signs of slowing down… if blue chips continue to outperform tech… and a critical report on the table before market opens today… and my top sector and option!

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WRITTEN BY<br>Roger Scott

Roger Scott

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