Back Toward The Underbelly

Well, my hope that prices would swan-dive away from the broken trendline is denied – or at least delayed – as equity prices clamor back toward the underbelly of the broken trendline. We see that here with the S&P 500 e-mini futures…

…as well as the Nasdaq…

There’s no particular news driving this (and, to be clear, the gains are modest – about a quarter of a percent overnight) but maybe the Jackson Hole event is lulling people into banging the Buy button again. All I know is that if selling does resume, it tends to escalate extremely fast, so I’d rather be in position beforehand.