The market dip I wrote about last week has finally hit.
Breadth warned this was coming last week, when it struggled to go vertical mid-week. We have a megaphone formation in place that suggests we’ll see a bit more downside here.
Breadth leads stocks, and this formation suggests stocks won’t find a lot of support until we get to 3,250 or so.
If that doesn’t hold, stocks have additional support at 3,220, 3,150 and finally 3,025.
Personally, I don’t believe we’ll break 3,225 before the Fed intervenes.
The coronavirus outbreak has given central banks the excuse they needed to begin intervening in the market more aggressively.
Gold had already begun to pick up on this.
Starting last week, the precious metal began to discount a LOT more money printing coming from the Fed.
Moreover, the odds are EXTREMELY low that President Trump is going to let his beloved stock market crash during an election year.
Which is why we can all but guarantee a MASSIVE Fed intervention is coming. And when it does the stock market will roar higher.
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Chief Market Strategist
Phoenix Capital Research