www.armstrongeconomics.com
As we move into the elections and the polls narrow with Trump
gaining, the power that be will try to push the US share market down to
create the image that a Trump victory will be devastating just as they
did in Britain. The number to watch in the Dow for today’s closing is
17713. A closing below that should result in a drop to test the 17300
zone perhaps on Monday.
The powers that be are so desperate to paint Hillary as the status
quo when in fact he plan to raise taxes significantly will be the final
nail in the coffin of the US economy with GDP growth at 1.5% at best,
the WORST recovery in history. The economy cannot take what she has in
store and raising Social Security taxes on employers will merely result
in higher unemployment between that and the Obamacare tax. In this case,
we need a wholesale change and by no means the status quo.
In the S&P Cash, a closing today below 205220 will warn of lower
prices ahead next week. A close below 203250 will signal a drop to the
193100 level becomes possible.
In gold, only a weekly closing today above 1336 would suggest
follow-through to the upside. Otherwise, initial resistance stands at
the 1316-1319 level.
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