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New York Fed's Empire State Survey drops to -31.3
Manufacturing in the New York Region has fallen to its lowest level since 2019 when activity ground to a halt at the start of the COVID-19 pandemic. The report said that this was, “the second largest monthly decline in the index on record, and among the lowest levels in the survey’s history.”
Some economists note that the surprise drop in manufacturing could revive fears that the U.S. economy is headed for a hard landing as the Federal Reserve tightens interest rates to cool inflation pressures.
GOLD DROPS 1%
202 Views · 2 Replies ( Last reply by da_cheif )
This is a chart of Peter Eliades potential projected 20-week cycle top of 4286.79 within 10% projected level in the grey rectangle.
506 Views · 20 Replies ( Last reply by da_cheif )
220 Views · 7 Replies ( Last reply by da_cheif )
Last week's topic below. Consolidated, then broke out ....
In the target zone now, I expect a pullback, and then zoom up into end of August. ES 4350 to 4400 possible.
However, this is a very risky market at these levels above 4250, extremely risky!
I am NET SHORT with 2 NQ HEDGE LONGS.
Want to add to SHORT POSITIONS near ES 4300 & above if traded.
I will close some SHORTS below ES 4220
Posted 07 August 2022 - 05:45 PM
Markets consolidating after an epic BULL RUN from the lows of 2022 (new lows later this year).
Inflation report could be the catalyst for another leg of this rally to above ES 4250
China/Taiwan issues, China economy still struggling, Russia WINTER GAS SUPPLY issues, another COVID variant.... markets buffeted by all these non-TA matter.
I still think market drops - rapidly and new lows made - during the next 6 to 8 weeks.
However, there could be a faster economic RECOVERY, lower inflation, and a temporary resolution of the EUROPEAN GAS issue, which may add another ES 200 points to this rally.